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Computer Project FINANCIAL REPORTING II - SUMMER 2021 As a recently hired accountant for Reeves Incorporated., you are provided with last year's balance sheet to familiarize yourself with the business. Reeves Incorporated Balance Sheet December 31, 2020 Assets Current Assets Cash Accounts Receivable Short-term Investments Inventories Prepaid Expenses Total Current Assets $1,054.312 123,200 738,054 578,366 82,310 $2,576,242 Property, plant and equip (net) Intangibles and other assets 832,400 692,175 Total Assets $4,100,817 Current Liabilities Accounts payable Short-term notes Other current liabilities Total Current Liabilities 69,210 131,870 200.574 $401,654 Long-term debt Total Liabilities 1,962,357 $2,364,011 Stockholders' Equity Common Stock Retained Earnings 1,421,300 315,506 Total Stockholder's Equity $1,736,806 Total liabilities + Stockholder's $4,100,817 2. Reeves Incorporated buys and sells securities expecting to earn profits on short-term differences in price. They had the following transactions during 2021: April 1 Purchased 100,000 shares of Apple stock for $1,600,000 June 1 Received cash dividend of $20,000 from Apple Dec 31 The stock price of the Apple was $19.50 per share on December 31st. Required: Record the April 1st and June 1st transactions. Make any necessary adjusting entry at the end of the fiscal year December 31, 2021 due to the change in stock price