Required information [The following information applies to the questions displayed below.] Company T had 35,000 outstanding shares of common stock, par value $14 per share. On January 1 of the current year, Company P purchased some of Company T's shares as a long-term investment at $24 per share. At the end of the current year, Company T reported the following: income, $50,000, and cash dividends declared during the year, $21,500. The fair value of Company T stock at the end of the current year was $21 per share. 2-a. Prepare the journal entries for Company P at the dates indicated assuming 4,900 shares of Company T were purchased. Assume the investment will be held long term 2-b. Prepare the journal entries for Company P at the dates indicated assuming 10,500 shares of Company T were purchased. Assume the 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: Req 3A Req 3B Req 2A Req 2B Prepare the journal entries for Company P at the dates indicated assuming 10,500 shares of Company T were purchased Assume the investment will be held long term. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) No Transaction General Journal Debit Credit Investments 1 252,000 a Cash 252,000 Equity in investee earnings 2 Dividends receivable Investments c1 4 c2 Cash Dividends receivable No journal entry required d Doa 2A LO Req 2A Req 2B Req 3A Req 3B Complete the following schedule to show the separate amounts that should be reported on the current year's balance sheet of Company P COMPANY P Current Year DOLLAR AMOUNTS 4,900 10,500 shares shares Balance Sheet (noncurrent assets): Investments Req 2B Req 3B Req 2A Req 3A Req 2B Req 3B Complete the following schedule to show the separate amounts that should be reported on the current year's incom statement of Company P: (Amounts to be deducted should be indicated by a minus sign.) COMPANY P Current Year DOLLAR AMOUNTS 10,500 shares 4,900 shares Income Statement (Other items): Dividend revenue Unrealized loss Equity in investee earnings Req 3A Req 3B