Do it 16-3a

DO IT! 16-2 PTesc sono: i. Edelman Inc. acquired 10% of the 500,000 shares of common stock poration at a total cost of $11 per share on June 17, 2017. On Septeinner declared and paid a $160,000 dividend. On December 31, Schuberger regote income of $550,000 for the year 2. Wen Corporation obtained significant influence over Hunsaker Company by buying 30% of Hunsaker's 100,000 outstanding shares of common stock at a cost of $18 per share on January 1, 2017. On May 15, Hunsaker declared and paid a cash dividend of $150,000. On December 31, Hunsaker reported net income of $270,000 for the year Prepare all necessary journal entries for 2017 for (a) Edelman and (b) Wen. DO ITI 16-3a Some of Tollakson Corporation's investment securities are classified as trad- Make journal entr ing securi category at December 31, 2017, were as follows. ties and some are classified as available-for-sale. The cost and fair value of each trading and avail securities. (LO 3) Cost Unrealized Gain (Loss) $(11,400) s 4,200 Fair Value Trading securities Available-for-sale securities $59,000 $63,200 $96,300$84,900 At December 31, 2016, the Fair Value Adjustment-Trading account had a debit balance of $3,200, and the Fair Value Adjustment- Available-for-Sale account had a credit balance of $5,750. Prepare the required journal entries for each group of securities for December 31