Stock Investment Transactions, Equity Method and Available-for-Sale Securities Year 1 Jan. 18. Purchased 6,800 shares of Malmo Inc. as an available-for-sale investment at $42 per share, including the brokerage commission. July 22. A cash dividend of $0.40 per share was received on the Malmo stock. Oct. 5. Sold 3,100 shares of Malmo Inc. stock at $47 per share less a brokerage commission of $30. Dec. 18. Dec. 31 Malmo Inc. is classified as an available-for-sale investment and is adjusted to a fair value of $39 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 $550,000 by purchasing 49,000 shares directly from the estate of the founder of Helsi. There are 140,000 shares of Helsi Co. stock outstanding. July 16. Received a cash dividend of $0.50 per share on Malmo Inc. stock. Dec. 16. Received a cash dividend of $0.50 per share plus an extra dividend of $0.10 per share on Malmo Inc. stock. Dec. 31 Received $17,000 of cash dividends on Helsi Co. stock. Helsi Co. reported net income of $70,000 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 $45 per share. Use the valuation allowance for available-for-sale investments account in making the adjustment for the increase in fair value from $39 to $45 per share. Required: Year 1 Jan. 18. July 22 . Oct. 5. Dec. 18. Dec. 31 Year 2 Jan. 25. July 16. July 16. Dec. 16. Dec. 31-Dividends Dec. 31-Income Dec. 31-Valuation \begin{tabular}{|} \hline GlacierProducts,Inc.BalanceSheet(selecteditems)December31,Year2 \\ \hline Current Assets: \\ \hline \end{tabular} Dec. 31-Dividends Dec. 31-Income Dec. 31-Valuation