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Presented below is information taken from a bond investment amortization schedule with related fair values provided. These bonds are classified as available-for-sale. 12/31/20 12/31/21 12/31/22 Amortized cost $472,200 $543,100 $597,900 Fair value $478,400 $532,100 $597,900 (a) Indicate whether the bonds were purchased at a discount or at a premium. (b) Prepare the adjusting entry to record the bonds at fair value at December 31, 2020. The Fair Value Adjustment account has a debit balance of $900 prior to adjustment (c) Prepare the adjusting entry to record the bonds at fair value at December 31, 2021. (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 O for the amounts.) No. Date Account Titles and Explanation Debit Credit Dec. (b) 31. 2020 Dec. (0) 31. 2021 Pharoah Company has the following portfolio of investment securities at September 30, 2020, its most recent reporting date. Investment Securities Cost Fair Value Horton, Inc. common (5,180 shares) $212.380 $197.710 Monty, Inc preferred (3,170 shares) 123,630 131,310 Oakwood Corp.common (980 shares) 164,640 163,690 On October 10, 2020, the Horton shares were sold at a price of $54 per share. In addition, 2,820 shares of Patriot common stock were acquired at $56 per share on November 2, 2020. The December 31, 2020, fair values were Monty $96,040, Patriot $129,060, and Oakwood $178,760. Prepare the journal entries to record the sale, purchase, and adjusting entries related to the equity securities in the last quarter of 2020. (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 o for the amounts.) Date Account Titles and Explanation Debit Credit