On March 10, 2019, Dearden, Inc., purchased 10,800 shares of Jaffa stock for $50 per share as a long-term passive investment. Deardens year ends on December 31. The following information pertains to the price per share of Jaffa stock:

	Stock Price
12/31/2019	$	48
12/31/2020		51
12/31/2021		47

Dearden sold all of the Jaffa stock on September 12, 2022, at a price of $45 per share.

Prepare any journal entries that are required by the facts presented in this case. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

1. Record the purchase of equity securities on March 10, 2019.

2. Recognize the fair value of investments on December 31, 2019.

3. Recognize the fair value of investments on December 31, 2020.

4. Recognize the fair value of investments on December 31, 2021.

5. Recognize the fair value of investments on September 12, 2022.

6. Record the cash received from the sale of the equity securities on September 12, 2022.