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The Janjua Company had the following account balances at 1/1/16: On that date, the Accumulated OCI account was at its appropriate balance. There were no sales or purchases of Common Stock or investments during 2016. Prior to any adjusting journal entries related to the investments, 2016 Net Income was $7, 400. No other transactions affecting Retained Earnings occurred. Fair Value of the Investments at 12/31/16 was $26, 700. Required: (a) Prepare the 12/31/16 journal entry to adjust the investment to fair value. (b) Prepare the 12/31/16 Equity section of the balance sheet. The following information relates to the HTM debt securities investments of Kiran Company during 2016: a. February 1: The company purchased 10% bonds of Tempe Co. having a par value of $100,000 at 98 plus accrued interest. Interest is payable April 1 and October 1. Maturity date is 10/1/17. b. April 1: Semiannual interest is received and amortization is updated. c. July 1: 9% bonds of Flagstaff, Inc. were purchased. These bonds with a par value of $50,000 were purchased at 105 plus accrued interest. Interest dates are April 1 and October 1. Maturity date is 11/1/17