On March 25, 2021, Phillips Corporation purchased bonds of Atlas Corporation for $160 million and classified the securities as trading securities. On December 31, 2021, these bonds were valued at $176 million. Three months later, on April 3, 2022. Philips Corporation sold these bonds for $167 million As part of the multistep approach to record the 2022 transaction, Phillips Corporation should first update the fair value adjustment by recording Multiple Choice OP An unrealized holding loss of $9 million in 2022 An unrealized holding gain of $25 million in 2022 An unrealized holding loss of $9 million in 2022. An unrealized holding gain of $25 million in 2022 A gain of $7 million in 2022 An unrealized holding gain of $7 million in 2022