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Analysis Component: If the fair value adjusting entry on December 31, 2023, were not recorded, what would the effect be on the income statement balance

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Analysis Component: If the fair value adjusting entry on December 31, 2023, were not recorded, what would the effect be on the income statement balance sheet? Journal entry worksheet 34567814 Record the purchase of $69,000,2 year, 8.0% bond payable to be held as an investment. Note: Enter debits before credits. Prepare entries to record the following non-strategic investment transactions of Arrowhead trvestment Corporation. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediote calculations. Round your final answers to the nearest whole dollar amount.) 2023 Mar. 1 Paid $69,989 to purchase a 569,090 , two-year, 8.65 bond payahle of Action Corporation dated March 1 , There was a $70 transaction fee included in the ahove-noted paynent abount. Interest is paid quarterly beginning June 1 . Manageeent intends to actively trade bond purchases. Apr: 16 Bought 2,459 connon shares of Brandon Motors at $30.00. There was a $70 transaction fee included in the above-noted paysent amount. fee included in the abovernoted payment someunt. Interest is paid annualiy each April 30. June 1 Received a cheque from Action Corporation regarding quarterly interest: Aug 1 Beandon Motors' board of directors declared a dividend of 50.75 per share to shareholders of record on Augut 10 , payabie Aatust is. 15 Meceived the Brandon Motors dividend. sept. I Meceived a cheque from nction Corporat ion reganding quartierly interest. Oct. 20 Sold the Drandon Motor's shares at 331.90. Dec. 1 Becoived a chegue from Action Corporat ion regardind quarterly ioterest. 1 Sold the Action Corporation bund at 191. 31 Accrued interest on the Collingmod bond. The fair value of the equity security on this date was Dauphin, 5 ), 50 . The carryine valiee nqualled the fair value for the collinemood bond. 2024 Apr. 30 Received a cheque from Collinguond Corporation regarding armual Interest. Based on your understanding of GAAP, would it be better or worse to omit an investment loss than investment income Better Worse

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