Stock Investment Transactions, Equity Method and Avallable-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 6,100 shares of Malmo Inc. as an available-for-sale investment at $42 per share, including the brokerag July 22. A cash dividend of $0.45 per share was received on the Malmo stock. Oct. 5. Sold 2,700 shares of Malmo Inc. stock at $45 per share less a brokerage commission of $45. Dec. 18. Received a regular cash dividend of $0.45 per share on Malmo Inc. stock. Dec, 31 Malmo Inc. is classified as an avallable-for-sale investment and is adjusted to a fair value of $40 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 $570,000 by purchasing 77,000 shares directly from the estate of the founder of Helsl. There are 220,000 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 $0.15 per share on Malmo Inc. stock. 16. 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 for available-for-sale investments account in making the adjustment for the increase in fair value from $40 to $45 p 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 $416,000