On December $15,$ SC dedared a dividend of $$220,000,$ to be paid on January $20,203.$ The dividend declaration had not yet been recorded. Please record the debit to Dividends.

On December $31,$ the LonE$-$Term Investments $($Available$-$for$-$sale securities or "AFS"$)$ had a fair value of $$172,900.$ The AFS Investment was initially purchased on June $1,20\backslash$times $2,$ for $$160,500.$ SCuses a "Fair Value Adjustment" account $($an adjunct$/$contra account to the investments$)$ to mark$-$to$-$market the investment portiolio at $y$ yar$-$end. $($e$.,$ If the fair value of the Investment has increased at year$-$end, debit the Fair Yalue Adjustment account to increase the Carrying Value of the asset to equal its fair value on the balance sheet on December $31.$ This is an "unrealized" $($holding$)$ gain, which would require a credit to record it$.)$

Note: See Chapter $3-$Other Comprehensive income to learn more about unrealized holding gains and comprehensive income statement.

SC$\text{'}$s income tax rate for $202$ was determined to be $25\%.($Hint: The income statement must be prepared to determine income tax expense!$)$

Step $3$: Once all AJE's have been recorded & posted to the Trial Balance, check your work with the "CHECK FGGURES FOR Accounting Cycle Project." If your spreadsheet agrees with the Check Figures, you can move to Step $4.$

Step $4$: Record the $5$ Closing entries on the tab labeled "AIE's & Closing." Post to the Trial Balance in columns $K$ & $M.$

Step $5$: Complete the Income Statement, Comprehensive Income Statement, Statement of Retained Earnings, and Balance Sheet in good form.

Step $6$: Once all financial statements are complete, you can answer the quertions in Canvas labeled Accounting Cycle Project$-$Sparky Corporation $($i$.$e$.,$ Quia$).$ You do not have to submit your Excel file; use the information to answer the questions. You will have two un$-$timed attempts,