Stock Investment Transactions, Trading Securities Zeus Investments Inc. is a regional investment company that began operations on January 1, Year 1. The following transactions relate to trading securities acquired by Zeus Investments Inc., which has a fiscal year ending on December 31:1 Year 1 Feb. 14. Apr. 1. June 1. June 27. Dec. 31. Year 2 Purchased 3,600 shares of Apollo Inc. as a trading security at $27 per share plus a brokerage commission of $720. Purchased 1,700 shares of Ares Inc. as a trading security at $11 per share plus a brokerage commission of $340. Sold 900 shares of Apollo Inc. for $28 per share less an $120 brokerage commission. Received an annual dividend of $0.15 per share on Apollo Inc. stock. The portfolio of trading securities was adjusted to fair values of $31 and $12 per share for Apollo Inc. and Ares Inc., respectively. Mar. 14. Purchased 1,600 shares of Athena Inc. as a trading security at $32 per share plus a $240 brokerage commission. June 26. Received an annual dividend of $0.18 per share on Apollo Inc. stock. July 30. Sold 300 shares of Athena Inc. for $26 per share less a $90 brokerage commission. Dec. 31. The portfolio of trading securities had a cost of $134,275 and a fair value of $129,000, requiring a credit balance in Valuation Allowance for Trading Investments of $5,275 ($134,275 - $129,000). Thus, the debit balance from December 31, Year 1 is to be adjusted to the new balance. Required: 1. Journalize the entries to record these 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. When required, round final answers to the nearest dollar. Date Year 1 Feb. 14 Description Investments-Apollo Inc. Cash Debit Credit 97,920 97,920 Apr. 1 Cash 97,920 Investments-Ares Inc. 19,040 Cash 19,040 June 1 Cash 25,080 Gain on Sale of Investments Investments-Apollo Inc. June 27 Cash Dividend Revenue Dec. 31 Valuation Allowance for Trading Investments Year 2 Unrealized Gain on Trading Investments Investments-Athena Inc. Mar. 14 Cash June 26 Cash Dividend Revenue 405 600 24,480 405 Cash June 26 Cash Dividend Revenue July 30 Cash Loss on Sale of Investments Investments-Athena Inc. Dec. 31 Unrealized Loss on Trading Investments Valuation Allowance for Trading Investments 2. Prepare the investment-related current asset balance sheet presentation for Zeus Investments Inc. on December 31, Year 2. Zeus Investments Inc. Balance Sheet (selected items) December 31, Year 2 Current Assets: Trading Investments (at Cost) Less Valuation Allowance For Trading Investments Trading Investments (at Fair Value) 3. How are unrealized gains or losses on trading investments presented in the financial statements of Zeus Investments Inc.? Unrealized gains or losses are reported in the income statement often as Other Income (Losses)