An investor purchased $350$ shares of Mallard common stock at $$20$ per share on March $15.$ On December $31,$ the stock was quoted at $$19$ per share and Mallard declared and paid a dividend of $$1\mathrm{.}50$ per share. On June $5$ of the following year, the investor sold all $350$ shares for $$22$ per share. On December $31$ of each year, the Fair Value Adjustment account is adjusted. Assuming the investment is measured at FV$$NI$,$ provide the journal entries to be made at each of the following dates.

a$.$ March $15,$ Year $1.$

b$.$ December $31,$ Year $1.$

c$.$ June $5,$ Year $2.$

d$.$ December $31,$ Year $2.$

Note: If a journal entry isn't required for the transaction, select $"$N$/$A$$Debit$"$ and $"$N$/$A$$Credit$"$ as the account names and leave the Dr$.$ and Cr$.$ answers blank $($zero$).$

Date Account Name Debit Credit

$($a$)$ Mar. $15,$ Year $1$

Answer $1$

Answer $2$

To record investment purchase.

$($b$1)$ Dec. $31,$ Year $1$

Answer $3$

Answer $4$

To record dividends.

$($b$2)$ Dec. $31,$ Year $1$

Answer $5$

Answer $6$

To adjust investment to fair value.

$($c$)$ June $5,$ Year $2$

Answer $7$

Answer $8$

Answer $9$

To record sale of investment.

$($d$)$ Dec. $31,$ Year $2$

Answer $10$

Answer $11$

To adjust FVA account at year$-$end.