Suppose Ryerson Corp. completed the following investment transactions in 2020 and 2021:

2020

Nov. 6 Purchased 2,000 McGill Corporation common shares for $60,000. Ryerson plans to sell the shares in the near future to meet its operating cash flow requirements. Brokerage commissions on the purchase were $800.

30 Received a quarterly cash dividend of $1.50 per share on the McGill Corporation shares.

Dec. 31 Current fair value of the McGill common shares is $62,000. This is year-end for Ryerson Corp.

2021

Jan. 20 Sold the McGill Corporation shares for $64,000, less brokerage commissions on the sale of $900.

Required

1. Make the entries to record Ryerson Corp.’s investment transactions. Explanations are not required.

2. Show how Ryerson Corp. would report its investment in the McGill Corporation shares on the balance sheet at December 31, 2020.