On January 1,2022 , Utica Construction sold $1,000,000 of 6% bonds to Monty Enterprise. The bonds mature on December 31, 2025 (4 years). For bonds of similar risk and maturity, the market yield was 8%. Interest is paid semiannually on June 30 and December 31 . Monty Enterprise purchased the bonds as an investment and plans to hold the bonds for approximately 2 years. The fair value of the bonds at 12/31/22 was $985,000. Monty's fiscal year end is December 31 and 2022 was its first year of business. Required: 1. Prepare the fair value adjusting entry for Monty Enterprise as of 12/31/22. Show your work