Roman Products, Inc., is a wholesaler of men's hair products. The company began operations on January 1, 2014. The following transactions relate to securities acquired by Roman Products, Inc., which has a fiscal year ending on December 31:

2014
Jan. 3	Purchased 7,600 shares of Whalen Inc. as an available-for-sale security at $54 per share, including the brokerage commission.
July 8	Received a cash dividend of $0.65 per share on the Whalen stock.
Oct. 19	Sold 2,300 shares of Whalen Inc. stock at $57 per share, less a brokerage commission of $45.
Dec. 12	A cash dividend of $0.65 per share was received on the Whalen stock.
Dec. 31	Whalen Inc. is classified as an available-for-sale investment and is adjusted to a fair value of $52 per share. Use the valuation allowance for available-for-sale investments account in making the adjustment.
2015
Jan. 5	Purchased an influential interest in Tasmania Inc. for $660,000 by purchasing 76,000 shares directly from the estate of the founder of Tasmania Inc. There are 190,000 shares of Tasmania Inc. stock outstanding.
July 9	Received a cash dividend of $0.75 per share on Whalen Inc. stock.
Dec. 8	Received a cash dividend of $0.75 per share plus an extra dividend of $0.10 per share on Whalen Inc. stock.
Dec. 31	Received $20,000 of cash dividends on Tasmania Inc. stock. Tasmania Inc. reported net income of $82,000 in 2015. Roman Products uses the equity method of accounting for its investment in Tasmania Inc.
Dec. 31	Whalen Inc. is classified as an available-for-sale investment and is adjusted to a fair value of $58 per share. Use the valuation allowance for available-for-sale investments account in making the adjustment for the change in fair value from $52 to $58 per share.

Required:

1. Journalize the entries to record the preceding transactions. For a compound transaction, if an amount box does not require an entry, leave it blank.

Prepare the investment-related asset and stockholders' equity balance sheet presentation for Roman Products, Inc., on December 31, 2015, assuming the Retained Earnings balance on December 31, 2015, is $482,000. Stock Investment Transactions, Equity Method and Available-for-Sale Securities