On December $31,2020,$ the equity investments of Concord Inc. that were accounted for using the FV$-$OCI model without recycling $($application of IFRS $9)$ were as follows:

Investment

Cost and

Carrying Amount

Fair Value

Unrealized

Gain $($Loss$)$

Ahn Inc.

$$143,700$

$$125,000$

$$(18,700$

$)$

Burnham Corp.

$99,600$

$115,300$

$15,700$

Chi Ltd$.$

$59,900$

$61,900$

$2,000$

Total

$$303,200$

$$302,200$

$$(1,000$

$)$

Because of a change in relationship with Ahn Inc., Concord Inc. sold its investment in Ahn for $$125,700$ on January $20,2021.$ No other investments were acquired or sold during $2021$;

Instructions:

a$)$ Prepare the entry to adjust the portfolio of investments to fair value on December $31,2020.$

b$)$ Prepare the journal entries for the $2021$ sale of the investment in Ahn Inc. $($HINT $$ YOU NEED TO MAKE $3$ JOURNAL ENTRIES$)$