During 2003, Genco Corporation purchased 10,000 shares of Wiener Company stock for $85 per share. Wiener had a total of 40,000 shares of stock outstanding.

1. Prepare journal entries for the following transactions: Vane eel Purchased 10,000 shares of common stock at $85. Dec. 31 | Wiener Company declared and paid a $4.60-per-share dividend. 31 Wiener Company reported net income for 2003 of $360,000. 2. On December 31, 2003, the market price of Wiener’s stock was $79 per share. Show how this investment would be reported on Genco’s balance sheet at December 31, 2003, assuming that this is the only stock investment owned by Genco.