Required information [The following information applies to the questions displayed below.] Company T had 40,000 outstanding shares of common stock, par value $13 per share. On January 1 of the current year, Company P purchased some of Company T's shares as a long-term investment at $27 per share. At the end of the current year, Company T reported the following: income, $57,000, and cash dividends declared during the year, $28,500. The fair value of Company T stock at the end of the current year was $24 per share. 2-a. Prepare the journal entries for Company P at the dates indicated assuming 6,000 shares of Company T were purchased. Assume he investment will be held long term. 2-b. Prepare the journal entries for Company P at the dates indicated assuming 16,000 shares of Company T were purchased. Assum che investment will be held long term. 3-a. Complete the following schedule to show the separate amounts that should be reported on the current year's balance sheet of Company P: 3-b. Complete the following schedule to show the separate amounts that should be reported on the current year's income statement of Company P : Complete this question by entering your answers in the tabs below. Prepare the journal entries for Company P at the dates indicated assuming 6,000 shares of Company T were purchased. Assume the investment will be held long term. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field