Stock Investment Transactions, Equity Method and Available-for-Sale Securities Glacier Products Inc. is a wholesaler of rock climbing gear. The company began operations on January 1, Year 1. The following transactions relate to securities acquired by Glacier Products Inc., which has a fiscal year ending on December 31: Year 1 Jan. 18. Purchased 8,000 shares of Malmo Inc. as an available-for-sale security at $48 per share, including the brokerage commission. July 22. A cash dividend of $0.50 per share was received on the Malmo stock. Oct. 5. Sold 2,400 shares of Malmo Inc. stock at $52 per share, less a brokerage commission of $40. Dec. Received a regular cash dividend of $0.50 per share on Malmo Inc. stock. 18. Dec. 31 Malmo Inc. is classified as an available-for-sale investment and is adjusted to a fair value of $45 per share. Year 2 Use the valuation allowance for available-for-sale investments account in making the adjustment. Jan. 25. Purchased an influential interest in Helsi Co. for $670,000 by purchasing 76,000 shares directly from the estate of the founder of Helsi Co. There are 190,000 shares of Helsi Co. stock outstanding. July 16. Received a cash dividend of $0.60 per share on Malmo Inc. stock. Dec. 16. Received a cash dividend of $0.60 per share plus an extra dividend of $0.10 per share on Malmo Inc. stock. Dec. 31 Received $20,000 of cash dividends on Helsi Co. stock. Helsi Co. reported net income of $82,000 in Year 2. Glacier Products uses the equity method of accounting for its investment in Helsi Co. Dec 11 Malmo for is classified as an available-for-sale investment and is adjusted to a fair value of $57 ner share. Use the valuation allowance