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

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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

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