Business, 21.06.2020 02:57, cassidyhead27

Balance Sheet Presentation of Available-for-Sale Investments During Year 1, its first year of operations, Galileo Company purchased two available-for-sale investments as follows: Security Shares Purchased Cost
Hawking Inc. 900 $44,000
Pavlov Co. 1,780 38,000
Assume that as of December 31, Year 1, the Hawking Inc. stock had a market value of $50 per share and the Pavlov Co. stock had a market value of $24 per share. Galileo Company had net income of $300,000 and paid no dividends for the year ended December 31, Year 1. All of the available-for-sale investments are classified as current assets.
Prepare the Current Assets section of the balance sheet presentation for the available-for-sale investments.

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Balance Sheet Presentation of Available-for-Sale Investments During Year 1, its first year of operat...