1. On March 25, 2021, Phillips Corporation purchased bonds of Atlas Corporation for $162 million and classified the securities as trading securities. On December 31, 2021, these bonds were valued at $183 million. Three months later, on April 3, 2022, Phillips Corporation sold these bonds for $171 million. As part of the multistep approach to record the 2022 transaction, Phillips Corporation should first update the fair value adjustment by recording:

a. A gain of $9 million in 2022.

b.An unrealized holding gain of $33 million in 2022.

c. An unrealized holding gain of $9 million in 2022

d. An unrealized holding loss of $12 million in 2022.

2. On July 1, 2021, Tremen Corporation acquired 40% of the shares of Delany Company. Tremen paid $3,060,000 for the investment, and that amount is exactly equal to 40% of the book value of identifiable net assets on Delany's balance sheet. Delany recognized net income of $1,200,000 for 2021, and paid $190,000 of dividends each quarter to its shareholders. After all closing entries are made for the year ended December 31, 2021, Tremen's "Investment in Delany Company" account would have a balance of?