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 8,600 shares of Malmo Inc. as an available-for-sale investment at $36 per share, including the brokerage commission. July 22. A cash dividend of $0.45 per share was received on the Maimo stock. Oct. 5. Sold 2,600 shares of Malmo Inc. stock at $39 per share less a brokerage commission of $50. Dec. Received a regular cash dividend of $0.45 per share on Malmo Inc. stock. 18. Dec. 31 Malmo Inc. is classified as an avallable-for-sale investment and is adjusted to a fair value of $33 per share. Use the valuation allowance for available-for-sale investments account in making the adjustment. Year 2 Jan. 25. Purchased an influential interest in Helsi Co. for $680,000 by purchasing 36,000 shares directly from the estate of the founder of Helsi. There are 90,000 shares of Helsi Co. stock outstanding. July 16. Received a cash dividend of $0.55 per share on Maimo Inc. stock. Dec. Received a cash dividend of $0.55 per share plus an extra dividend of $0.10 per share on Maimo Inc. stock. 16. 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 Inc. uses the equity method of accounting for its investment in Helsi Co. Dec. 31 Malmo Inc. is classified as an available-for-sale investment and is adjusted to a fair value of $40 per share. Use the valuation allowai for available-for-sale investments account in making the adjustment for the increase in fair value from $33 to $40 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, In your computations, round per share amounts to two decimal places. Dec. 18. Dec. 31 Year 2 Jan. 25. July 16. Dec. 16 . Dec. 31-Dividends 2. Prepare the investment-related asset and stockholders' equity balance sheet presentation for Glacier Products Inc. on December 31 , Year 2 , assuming that the Retained Earnings balance on December 31 , Year 2 , is $496,000