Prepare entries to record the following non-strategic investment transactions of Arrowhead Investment Corporation. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations, Round your final answers to the nearest whole dollar amount.) 2023 Mar. 1 Paid $59,980 to purchase a $69,600, two-yean, bis bond payable of Action Corporation dated March 1 . There was a \$50 transaction fee included in the above-noted payment asount. Interest is paid quarterly beginning June 1 . Managenent intends to actively trade bond purchases. Apr. 16 Eought 2,450 comen shares of Brandon Motors at $30.00. There was a $50 transaction fee included in the above noted payeent asount. May. 2 Paid $47,968 to purchase a five-year, 5.55,$49,000 bond payable of collingood Corporation. There was a 350 transaction fee included in the above-noted payment anount. Interest is paid annually each Apri1. 30. June 1 Received a cheque from Action Corporation regarding quarterly interest, Aug. 1 Brandon Hotors' board of directors declared a dividend of 10.75 per share to shareholders of record on August 10, payable August 15 . 15 Received the Brandon Motors dividend. Sept. I Received a cheque fron Action Corporation regarding quarterly interest. 17 Purchased 25,900 Dauphin. Inc, comon shares at $3.20. There was a $50 transaction fee. Oct, 20 sold the Brandon Motors shares at $31.90. Dec, 1. Received a cheque from Action Corporation regarding quarterly interest, 1 5old the Action corporation bond at 101 . 31 Accrued interest on the Collingwood bond. The fair value of the equalty security on this date was Dauphin, $3.50. The carrying value equalled the fair value for the Collingwood bond. Apr. 30 Received a cheque fron. Collingwood Corporation regarding annual iriterest. Analysis Component: If the fair value adjusting entry on December 31, 2023, were not recorded, what would the effect be on the income statement and balance sheet