In January $2022,$ the management of Sunland Company concludes that it has sufficient cash to purchase some short$-$term investments

in debt and stock securities$.$ During the year, the following transactions occurred.

Jan. $1$ Purchased $71$$$1,000,7\%$ TRC bonds for $$71,000.$ Interest is payable annually on December $31.$

Feb. $1$ Purchased $1,305$ shares of LAF common stock for $$61,335.$

Mar. $1$ Purchased $450$ shares of NCL common stock for $$15,750.$

July $1$ Received a cash dividend of $$0\mathrm{.}80$ per share on the LAF common stock.

Aug. $1$ Sold $189$ shares of LAF common stock at $$46$ per share.

Sept. $1$ Received $$2$ per share cash dividend on the NCL common stock.

Dec. $31$ Received the annual interest on the TRC bonds.

$31$ Sold the TRC bonds for $$72,419.$

At December $31,$ the fair values of the LAF and NCL common stocks were $$43$ and $$28$ per share, respectively. These stock

investments by Sunland Company provide less than a $20\%$ ownership interest. Prepare the adjusting entry at December $31,2022,$ to report the investments at fair value. $($Credit account titles are automatically

indented when the 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

Dec. $31$

Unrealized Gain or Loss$-$Income