Farzad Corp. (Farzad), a public company, had the following transactions relating to financial assets during its fiscal year ended December 31, 2020: On January 2, 2020, Farzad purchased bonds from Akram Inc. with a face value of $100,000. The bond matures on December 31, 2032, and pays interest semi-annually on June 30 and December 31 at 4.6% per annum. NO transaction costs were incurred on this purchase. The bonds were purchased to yield 5%. The bond was classified as amortized cost. On January 15, 2020, Farzad purchased 1,500 shares of Elysium Inc. at a price of $67 per share. The shares were classified as fair value through profit or loss (FVPL). On February 2, 2020, Farzad sold all of the 2,000 shares of Benny Ltd. it owned for $45 per share. These shares were purchased in 2018 at a total price of $72,000. The carrying value of these shares as at December 31, 2019, was $83,000. The shares were classified as fair value through other comprehensive income-elect (FVOCI-elect). On June 30, 2020, Farzad received interest on the Akram Inc. bonds. On July 15, 2020, Farzad purchased 8,000 common shares of Cardall Corp. for a price of $13 per share, plus total transaction costs of $2,800. The shares were classified as FVOCI-elect. On October 12, 2020, Farzad sold all of the 2,200 shares of Long Ltd. it owned for $86 per share. These shares were purchased in 2018 at a total price of $125,000. The carrying value of the shares at December 31, 2019, was $187,000. The shares were classified as FVPL. On December 31, 2020, Farzad received interest on the Akram Inc. bonds. At this time, the Akram Inc. bonds were trading at 105% of the face value. At December 31, 2020, the fair values of the Elysium Inc. and Cardall Corp. shares were $52.00 per share and $14.20 per share, respectively. Required: a) Prepare the journal entries to record all of Farzads investment-related transactions for 2020. (10 marks) b) Prepare the journal entries necessary to account for the fair value changes on Farzads financial assets at December 31, 2020. (2 marks)