Stock Investment Transactions, Equity Method and Available-rol-Sale Securities Roman Products, Inc., is a wholesaler of men's hair products. The company began operations on January 1, 2016. The following transactions relate to securities acquired by Roman Products, Inc which has a fiscal year ending on December 31: 2016 Jan. 3 Purchased 5,800 shares of Whalen Inc. as an available-for-sale security at $48 per share, including the brokerage commission. July 8 Received a cash dividend of $0.6 per share on the Whalen stock. Oct. 19 Sold 2,600 shares of Whalen Inc. stock at $53 per share, less a brokerage commission of $55. Dec. 12 A cash dividend of $0.6 per share was received on the Whalen stock. Whalen Inc. is classified as an available-for-sale investment and is adjusted to a fair value of $46 per share. Dec. 31 Use the valuation allowance for available-for-sale investments account in making the adjustment. 2017 Purchased an influential interest in Tasmania Inc. for $750,000 by purchasing 44,000 shares directly from the Jan. 5 estate of the founder of Tasmania Inc. There are 110,000 shares of Tasmania Inc. stock outstanding. July 9 Received a cash dividend of $0.7 per share on Whalen Inc. stock. Dec. 8 Received a cash dividend of $0.7 per share plus an extra dividend of $0.15 per share on Whalen Inc. stock. Received $23,000 of cash dividends on Tasmania Inc. stock. Tasmania Inc. reported net income of $95,000 in 2017. Roman Products uses the equity method of accounting for its investment in Tasmania Inc. Whalen Inc. is classified as an available for sale investment and is adjusted to a fair value of $51 per share. Use the valuation allowance for available-for-sale investments account in making the adjustment for the change in fair value from $46 to $51 per share. Dec. 31 Dec. 31 Required: 1. Journalize 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