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 Nar. 1 Paid $68,980 to purchase a $68,000, two-year, 7.54 bond payable of Action Corporation dated March 1 . There was a $65 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 2,400 common shares of Brandon Notors at $29.50. There was a $65 transaction fee included in the abovenoted payment amount. Nay 2 Paid $46,968 to purchase a five-year, 5.008, $48,000 bond payable of Collingwood Corporation. There was a $65 transaction fee included in the above-noted paynent amount. Interest is paid annually each April 30. June 1 Received a cheque fron Metion Corporation regarding quarterly interest. aug. 1 Brandon Notors' board of directors declared a dividend of $0.75 per share to shareholders of record on kugust 10, payable August 15 . 15 Received the Brandon Motors dividend. Sept. 1 Received a cheque fron Metion Corporation regarding quarterly interest. 17 Purchased 25,800 Dauphin Inc. common shares at $4.00. There was a $65 transaction fee. oct. 20 Sold the Brandon Motors shares at $31.80. Dec. 1 Received a cheque fron 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, $4.30. The carrying value equalled the fair value for the collingwood bond. 2024 Apr. 30 Received a cheque fron Collingwood Corporation regarding annual interest. Journal entry worksheet 3 5 6 7 8 14 Note: Enter debits before credits. 1 Record the purchase of $68,000,2-year, 7.5% bond payable to be held as an investment. 2 Record the purchase of investment. 3 Record the purchase of 5-year, 5.0\%, $48,000 bond payable to be held as an investment. 4 Record the collection of interest. 5 Record the declaration of dividend. 6 Record the collection of dividend income. 7 Record the collection of interest income. Note : O = journal entry has been entered Record entry 14 Id as an Credit . ? View general journal \begin{tabular}{l} 7 Record the collection of interest income. \\ 9 Record the purchase of investment. \\ \hline 11 Record the sale of investment. \\ \hline 12 Record the accrual of interest. \\ \hline 14 Record the fair value adjustment at year end. \\ \hline Note : O = journal entry has been entered \\ \hline Rocord ontry \end{tabular} 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