ocator assignmentHakeinprogress talse During Year 1 its firs

ocator assignment-Hake&inprogress; talse During Year 1, its first year of operations, Gelies Company purchased two available-for-sale investments as Security Hawking Inc. 570 $19,266 1,540 27,104 Assume that as of December 31, Year 1, the Hawking Inc., stock hed a market value of $40 per share and the Pavlov Co. stock had a market value of $32 per share. Galleo Cmpany had net income of S 148,800, and paid no dividends for year endng amber 31. Year 1. Al of the avalable-for-sal·investments are classitfied as current a. Prepare the Current Assets section of the balance sheet presentation for the available-for-sale investments Galleo Company Salance Sheet (selected tems) December 31 Year Cument Assels b. Prepare the Stockholders Equity section of the belance sheet to refiect the earnings and vezed gan(os) for the avalable-for-sale investments Galleo Company Balance Sheet (selected Stockholders Equity items) 11:40 oD SAMSUNG

Solution

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Balance sheet (Partial)
Assets
Current Assets
Available for Sale Investment	$          46,370
Available for Sale- Market Value Adjustment	$          25,710	$    72,080