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please show clean work Presented below is information related to the purchases of common stock by Coronado Company during 2017 Cost Fair Value (at purchase

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Presented below is information related to the purchases of common stock by Coronado Company during 2017 Cost Fair Value (at purchase date) (at December 31) Investment in Arroyo Company stock $90,000 $68,000 Investment in Lee Corporation stock 252,000 306,000 Investment in Woods Inc. stock 184,000 194,000 Total $526,000 $568,000 (Assume a zero balance for any Fair Value Adjustment account.) (a) What entry would Coronado make at December 31, 2017, to record the investment in Arroyo Company stock if it chooses to report this security using the fair value option? (b) What entry would Coronado make at December 31, 2017, to record the investments in the Lee and Woods corporations, assuming that Coronado did not select the fair value option for these investments

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