Stock Investment Transactions, Equity Method and Avallable-for-Sale Secunties Glacier Products inc. is a wholesaler of rock dimbing gear. The company began operations on January 1, Year 1 . The following transactions relate to securities acquired by Glacer Products Inc, which has a fiscal year ending on December 31 : Vear 1 Jan- 18. Purchased 8,600 shares of Malmo inc. as an avaliable-for-sale investment $42 per share, including the brokerage commission. July 22. A cash dividend of $0.50 per share was received an the Maimo stock. Oct. 5. Sold 3,900 shares of Malmo Inc. stock at $46 per share less a brokerage commission of $55. Dec. 18. Received a regular cash dividend of $9.50 per share on Malmo inc. stock. Dec. 31 Maimo the is dassifed as an avaloble-for-sale investment and is odyusted to a fair value of $40 per share. Use the valuation allowance for avalable-for-sale imvestments account in making the adjustment. Year 2 Jan, 25. Purchased an infuential intereat in Helsi Ca. for $550,000 by purchasing 63,000 shares directly from the estate of the founder of Hels. There are 180,000 shares of Hels Co. stock outstanding. July 16. Received a cash dividend of $0.60 per shace on Malmo Inc. stock. Dec. 16. Received a cash dividend of $0.60 per share plus an extra dividend of $0.15 per share on Maimo Inc. stock: Deci 31 Recelved $17,000 of cash dividends on Helsi Co. stock. Helsi Co, reported net inconse of 570,000 in Year 2. Glacier Products inc; uses the equify method of accounting for its investment in Helsi CO. Dec. 31 Molmo Inc. is dassified as an avaibable-foe-sale investment and is adjusted to a fair value of $45 per shace. Use the valuation allowance for availabie-forsaie investments account in making the adjuvenent for the increase in fair value from $40 to $45 per share. Required: 1. Joumalize 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. Year 2 Jan.25. July 16. Dec. 16 . Dec. 31-Dividends Dec. 31-Income Dec. 31-Valuation 2. Prepare the investment-related asset and stockholders' equity balance sheet presentation for Glacier Products Inci. on December 31 , Year 2 , assuming that the Aetained Earnings batance on December 31 , Year 2, is $402,000