MS buys and sells securities expecting to earn profits on short-term differences in rice The following selections to Investments in trading securities during 2021-2022. The company's fiscal year ends on December 31 Notrading corties were i MS on Jan 1, 2021 2021 May 1) Purchased 10,000 shares of Apple stocks for $120 per share Jun 1) Purchased 10,000 shares of Apple stocks for $145 per share Jul 1) Sold 15,000 shares of Apple stocks for $140 per share. Sep 1) Purchased 2,000 shares of Apple stocks for $130 per share Nov 1) Received dividend $50,000 Dec 31) Market price for Apple is $150 per share 2022 Apr 1) Purchased 3.000 Apple stocks for $160 per share May 1) Sold 2,000 Apple stocks for $150 per share July 1) Purchased 8,000 Apple stocks for $180 per chore Aug 1) Sold 6,000 shares of Apple stocks for $190 pershare Dec 31) Market price for Apple is $220 per shore MS uses the first in first-out (FIFO) cost-basis assumption What is the balance of "fair value quustment" account on Dec 31, 2021