At December 13, 2021 the equity investments of Wang Inc. that were accounted for using The FVOCI model with recycling were as follows:

Investment

Cost and Carrying Value

Fair Value

Ahn Inc.

$175,200

$150,000

Burnham Corp

121,500

140,600

Chi Ltd

73,000

75,500

Total

369,700

366,100

Wang sold its investment in Ahn for $153,300 on January 20. 2022.No other investments were acquired or sold during 2022; however, a dividend of $1,300 was received from Burnham Corp. in June.At December 31, 2022 the fair values of Burnham and Chi Shares were $153,750 and $72,600, respectively.

Required:

a)Prepare the entry to adjust the portfolio of investments to fair value at December 31, 2021.

b)Prepare the presentation of all investment related accounts on the statement of financial position at December 31, 2021

c)Indicate the amounts to be reported on the statement of comprehensive income for the year ended December 31, 2021, and where each would be reported.

d)Prepare the journal entries for the 2022 sale of the investment in Ahn Inc. and the dividend received from Burnham Inc.

e)Prepare the journal entry required at December 31, 2022 to adjust to fair value.