Prepare entries to record the following non-strategic investment transactions of Arrowhead Investment Corporation of 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) 2020 Mar. 1 Pald 578,980 to purchase a $75,000, two year, 9.0x bond payable of Action Corporation dated March 1. Internt is paid quarterly beginning June 1. Management intends to actively trade hond purchases. Apr. 16 Bought 2,900 common shares of Brandon Motors at $29.00 May 2 Paid $56,968 to purchase a five-year, 6.50%, $58,600 bond payable of Collingwood Corporation. Interest is paid annually each April 3e. June 1 Received a cheque from Action Corporation regarding quarterly Interest. Aug 1 Brandon Motors' board of directors declared dividend of 10.75 per share to shareholders of record on August 10. male August 15. 15 Received the Brandon Motors dividend. Sept. 1 Received a cheque from Action Corporation regarding quarterly interest. 17 Purchased 26,800 Dauphin Inc. common shares at $4.10. Oct. 20 Sold the Brandon Motors shares at $31.7. Dec. 1 Received a cheque from Action Corporation regarding quarterly interest. 1 Sold the Action Corporation bond at 101. 31 Accrued interest on the Collingwood bond. The fair value of the equity security on this date was Dauphin, $4.40. The carrying value equalled the fair value for the Collingwood bond. 2821 Apr. 30 Received a cheque from Collingwood Corporation regarding annual interest. Analysis Component: If the fair value adjusting entry on December 31, 2020, were not recorded what would the effect be on the income statement and balance sheet? Income Statement Balance Sheet