Exercise 17-20 Presented below is information related to the purchases of common stock by Bridgeport Company during 2017 Cost (at purchase date) Fair Value Investment in Arroyo Company stock Investment in Lee Corporation stock Investment in Woods Inc. stock $98,000 243,000 165,000 $506,000 (at December 31) $79,000 296,000 175,000 $550,000 Total Show apps In addition, assume that the investment in the Woods Inc. stock was sold during 2018 for $180,000. At December 31, 2018, the following information relates to its two remaining investments of I sLock. Cost Fair Value (at purchase date) $98,000 243,000 $341,000 (at December 31) $138,000 305,000 $443,000 Investment in Arroyo Company stock Investment in Lee Corporation stock Total Net income before any security gains and losses for 2018 was $954,000. (a) Compute the amount of net income or net loss that Bridgeport should report for 2018, taking into consideration Bridgeport's security transactions for 2018, assuming Bridgeport did not select the fair value option for investments in the Lee and Woods corporations. Net income or net loss that Bridgeport should report for 2018 (b) Prepare the journal entry to record unrealized gain or loss related to the investment in Arroyo Company stock at December 31, 2018. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. DateAccount Titles and Explanation Debit Credit Dec. 31, 2018