S5-2. (Learning Objective 1: Account for short-term investments) Keystone Corp. holds a portfo- lio of trading securities. Suppose that on October 15, Keystone paid $160,000 for an investment in Shurock Co. shares to add to its portfolio. At December 31, the market value of Shurock! Co. shares is $172,000. For this situation, show everything that Keystone would report on its December 31 balance sheet and on its income statement for the year ended December 31. E5-17A. (Learning Objectives 2,3,4: Apply GAAP for revenue recognition, accounts receivable, and uncollectible receivables) On November 30, Windsor Party Planners had a $43,000 balance in Accounts Receivable and a $3.700 credit balance in Allowance for Uncollectible Accounts. During December, Windsor Party Planners made credit sales of $195,000. December col- lections on account were $164,000, and write-offs of uncollectible receivables totaled ($2,820. Uncollectible-accounts expense is estimated as 1% of credit sales. S5-2. (Learning Objective 1: Account for short-term investments) Keystone Corp. holds a portfo- lio of trading securities. Suppose that on October 15, Keystone paid $160,000 for an investment in Shurock Co. shares to add to its portfolio. At December 31, the market value of Shurock! Co. shares is $172,000. For this situation, show everything that Keystone would report on its December 31 balance sheet and on its income statement for the year ended December 31. E5-17A. (Learning Objectives 2,3,4: Apply GAAP for revenue recognition, accounts receivable, and uncollectible receivables) On November 30, Windsor Party Planners had a $43,000 balance in Accounts Receivable and a $3.700 credit balance in Allowance for Uncollectible Accounts. During December, Windsor Party Planners made credit sales of $195,000. December col- lections on account were $164,000, and write-offs of uncollectible receivables totaled ($2,820. Uncollectible-accounts expense is estimated as 1% of credit sales