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The beginning balance sheet of Music Source Co. included a 650000 investment in Ellis stock (40% ownership, Music has significant influence over Ellis). During the

The beginning balance sheet of Music Source Co. included a 650000 investment in Ellis stock (40% ownership, Music has significant influence over Ellis). During the year, Music Source completed the following investment transactions: Mar. 3 Purchased 1,000 shares at $12 per share of Lisa Software common stock as a long-term equity investment, representing 2% ownership, no significant influence. May 15 Received a cash dividend of $0.55 per share on the Lisa investment. Dec. 15 Received a cash dividend of $65,000 from Ellis investment. Dec. 31 Received Ellis's annual report showing $110,000 of net income. Dec. 31 Received Lisa's annual report showing $100,000 of net income for the year. Dec. 31 Ellis's stock fair value at year-end was $629,000. Dec. 31 Lisa's common stock fair value at year-end was $13 per share. 1. Journalize the transactions for the year of 2024 Music Source. 2. Post transactions to T-accounts to determine the December 31, 2024, balances related to the investment and investment income accounts. 3. Prepare Music Source's partial balance sheet at December 31, 2024, from your answers in Requirement 2. 4. Where is the unrealized holding gain or loss associated with the Lisa stock reported

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