At the end of 2024, Ajax Incorporated holds the following trading securities that were purchase in 2024. On Jan 15th, 2025, Ajax sold all their holdings in US Govt. bonds for $97,000. Security US Govt Bonds Cobb Muni Bonds UPS Paper Amortized Fair Value Cost 12/31/2024 $ 97,063 $ 97,663 36,000 37,600 24,000 24,500 $ 157,063 $ 159,763 1. Prepare journal entry to adjust the portfolio to fair value on December 31, 2024; 2. What is the impact to Ajax's 2025 net income from the sale of US govt. bonds? 3. Same as part 1, but assume that the portfolio is classified as AFS; 4. Same as part 2, but assume that the portfolio is classified as AFS.