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 $69,980 to purchase a $69,000, two-year, 8.0% bond payable of Action Corporation dated March 1. There was a $70 transaction fee included in the above-noted payment amount. Interest is paid quarterly beginning June 1. Management intends to actively trade bond purchases. Apr. 16 Bought 2,450 common shares of Brandon Motors at $30.00. There was a $70 transaction fee included in the above-noted payment amount. May June 2 Paid $47,968 to purchase a five-year, 5.50%, 549,000 bond payable of Collingwood Corporation. There was a $70 transaction fee included in the above-noted payment amount. Interest is paid annually each April 30.1 1 Received a cheque from Action Corporation regarding quarterly interest. Aug. 1 Brandon Motors board of directors declared a dividend of $0.75 per share to shareholders of record on August 10, payable August 15, 15 Received the Brandon Hotors dividend. Sept. 1 Received a cheque from Action Corporation regarding quarterly Interest 17 Purchased 25,900 Dauphin Inc, common shares at $3.20. There was a $70 transaction fee. Oct. 20 Sold the Brandon Motors shares at $31.90. Deci 2024 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, $3.50. The carrying value equalled the fair value for the Collingwood bond. Apr 30 Received a cheque from Collingwood Corporation regarding annual interest. Journal entry worksheet Record the declaration of dividend. Note: Enter debits before credits. Date Aug 01, 2023 14 General Journal Debit Credit 1,838 1,838 Record entry Clear entry View general journal 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? Income Statement i No effect Balance Sheet Overstated Based on your understanding of GAAP, would it be better or worse to omit an investment loss than investment income? Better O Worse