Prepare entries to record the following non-strategic investment transactions of Arrowhead Investment Corporation. (If no entry is required for a tronsaction/event, select "No journal entry required" in the first account field. Do not round intermediote calculations. Round your final answers to the nearest whole dollar amount.) 2023 Mar. 1 Paid $61,980 to purchase a $61,000, two-year, 10. os bond payable of Action Corporation dated March 1 . There was a $125 transaction fee included in the above-noted payment anount. Interest is paid quarterly beginning June 1. Managenent intends to actively trade bond purchases. Agir. 16 Bought 3,000 connon shares of Brandon Motors at $30.00. There was a $125 transaction fee included in the above-noted paynent amount. May 2. Paid \$58, 968 to purchase a five-year, 7. 50%,560,000 bond payable of collingwood Corporation. There was a $125 transaction fee included in the above noted payment smount. Interest is paid annually each April 39. Junt 1. Received a cheque fron Action Corporation regarding quarterly interest. Aug. 1 Urandon Motons' board of directors declared a dividend of $0.75 per share to sharehelders of record on August 10, payable. August 15. 15 Received the Brandon Motors dividend. Sept. 1 Received a cheque fron Action Corporation regarding quarterly interest. 17 Punchased 27,000 Davphin Inc. comon shares at 54,30 . There was a 5125 transaction fee. Oct. 20 Sold the Brandon Motons shares at $31.99. Dec, 1 itecedved a cheque fron Action Cornoration negarding quarterly interest. 1 Sold the Action Corporation bond at 101 . 31 Accrued interest on the Collingwood bond. The fain value of the equity security on this date was Oauphin. \$4, 69 . The 2024 carrying value equalled the fair value for the Collingwood bond. Apr. 30 Received a cheque frow Collingwoed Corporation regarding annual interest. Journal entry worksheet Record the purchase of $61,000,2 year, 10.0% bond payable to be held as an investment. Note: Enter debits before credits. 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? Based on your understanding of GAAP. would it be better or worse to ornit an investment loss than investment income? Better Worse