Both the income statement and balance sheet need to be completed Gator Shoes, Incorporated,...
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Both the income statement and balance sheet need to be completed
Gator Shoes, Incorporated, manufactures a line of stylish waterproof footwear. The following transactions relate to investments in common stock during 2024. March 1 Purchases 2,100 shares (10\%) of Power Drive Corporation's common stock for $53 per share. July 1 Receives a cash dividend of $1.55 per share. December 31 The fair value of Power Drive Corporation's common stock is $66 per share. On February 1, 2025 (the following year), Gator Shoes sells 525 shares of Power Drive Corporation's common stock for \$71 per share. Required: 1. How will each of these transactions in 2024 , including an adjustment on December 31 for the investment's fair value, affect the financial statements? 2. How will the sale on February 1, 2025, affect the financial statements? Complete this question by entering your answers in the tabs below. Purchases 2,100 shares (10\%) of Power Drive Corporation's common stock for $53 per share. Note: Amounts to be deducted should be indicated with a minus sign
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