Fizzy Company follows current U.S. GAAP. It owns an investment in the voting common shares of XYZ Company, purchased for $1,000,000 in a previous year. At the beginning of 2017, the investment has a fair value of $1,200,000. Required Each of the situations below is independent. In choosing the account titles used in the journal entries, be sure to show clearly whether gains and losses go on the income statement (income) or in OCI. a. Assume the investment is classified as trading. Fizzy sells the investment in 2017 for $1,050,000. Present the journal entry to record the sale on Fizzy's books. b. Assume the investment is classified as AFS. Fizzy sells the investment in 2017 for $1,050,000. Present the journal entry to record the sale on Fizzy's books. C. Assume the investment is classified as AFS. Fizzy still holds the investment at the end of 2017. Its market value at that time is $800,000, and the decline in value is considered to be temporary. Present the journal entry to record this information. d. Assume the investment is classified as AFS. Fizzy still holds the investment at the end of 2017. Its market value at that time is $800,000, and the decline in value is considered to be other than temporary. Present the journal entry to record this information. C (income) b. c h 0 200,000 nt Gain (income] 50,000 OC 4 nt 4 income) OCI