Required information [The following information applies to the questions displayed below.] Felicia Company acquired 21,000 of the 60,000 shares of outstanding common stock of Nueces Corporation as a long- term investment. The annual accounting period for both companies ends December 31. The following transactions occurred during the year: January 10 December 31 December 31 December 31 Purchased 21,000 shares of Nueces common stock at $12 per share. Nueces Corporation reported net income of $90,000. Nueces Corporation declared and paid a cash dividend of $0.60 per share. Determined the fair value of Nueces stock to be $11 per share. 3. Show how the long-term investment and the related revenue should be reported on the financial statements of Felicia Company. Balance Sheet FELICIA COMPANY Long-term Investments: Investment in Affiliates Income Statement