Stewart Corporation's balance sheet at December 31, 2016, showed the following: Short-term investments, at fair value $46,500 Stewart Corporation's trading portfolio of stock investments consisted of the following at December 31, 2016: Stock Number of Shares Cost Conn Common Stock 200 $28,000 Ares Preferred Stock 400 6,000 Hall Common Stock 300 9,000 $43,000 During 2017, the following transactions took place: Feb. 5 Sold 100 shares of Conn common stock for $18,000. Mar. 30 Purchased 25 shares of Hall common stock for $1,000. Sept. 9 Purchased 50 shares of Hall common stock for $3,000. At year end on December 31, 2017, the fair values per share were: Fair Value Per Share Conn Common Stock $158.00 Ares Preferred Stock $14.00 Hall Common Stock $24.00 Instructions (a) Prepare the journal entries to record the 2017 stock transactions. (b) On December 31, 2017, prepare any adjusting entry that might be necessary relative to the trading portfolio. (c) Show how the stock investments will appear on Stewart Corporation's balance sheet at December 31, 2017.

Suppose you win a small lottery and have the choice of two ways to be paid: you can accept the money in a lump sum or in a series of payments over time. if you pick the lump sum, you get $2,950 today. if you pick payments over time, you get three payments: $1,000 today, $1,000 1 year from today, and $1,000 2 years from today. 1) at an interest rate of 6% per year, the winner would be better off accepting the (lump sum / payments over time), since it has the greater present value. 2) at an interest rate of 9% per year, the winner would be better off accepting the (lump sum / payments over time), since it has the greater present value. 3) years after you win the lottery, a friend in another country calls to ask your advice. by wild coincidence, she has just won another lottery with the same payout schemes. she must make a quick decision about whether to collect her money under the lump sum or the payments over time. what is the best advice to give your friend? a) the lump sum is always better. b) the payments over time are always better. c) it will depend on the interest rate; advise her to get a calculator. d) none of these answers is good advice.