Prepare entries to record the following non-strategic investment transactions of Arrowhead Investment Corporation. (If no entry is required for a transoction/event, select "No journol entry required" in the first account field. Do not round intermediote calculations. Round your finol answers to the neorest whole dollar amount) 2223 Mar. 1 Pald $69,980 to purchase a 569,000 , two-year, 9,58 bond payable of Action Corporation dated March 1 . There was a 585 transaction fee lncluded in the above-noted payment amount. Interest is paid quarterly beginning June 1 . Marigenent Intends to actively trade bond purchases. Apr. 16 bought 2,600 conoon shares of Brandon Motors at $26.00. There was a 5as transaction fee included in the above-noted payment engunt: May 2 Pald 550,968 to purchase a flve-year, 7,00k,$52,000 bond payable of Collinguood Corporation. There was a 585 transaction fee included in the above-noted poynent anount. Interest is paid annually each April 39. June 1 Recelved a cheque from Actlon Corporation regarding quarterly interest. Aug. 1 Brandon Motors' boord of directors declared a dividend of $0,75 per share to shareholders of record on August 10, payable August 15, 15. fiecelved the Brandon Motors dividend. Sept. 1 Recelved a cheque fren Action Corporstion regarding quarterly interest. 17 Purchased 26,200 Dauphin Inc. comon shares at $3.50. There was a $5 transaction fee. oct: 20 sold the Brandon Motors shares at $11.1e. Dec. 1 Recelved a cheque fron Action Corporation regarding quorterly interest. 1 seld the action corporation bond at 101 . 31 Accrued interest on the Col1lignood bond. The falr value of the equity security on this date was Dauphin, 53 . b0. The ze24 carrying value equalled the fair value for the collinguood bond. Apr, 39 Aecelved a cheque from collinguood corporation regarding annual interest. Journal entry worksheet 345678.14 Record the purchate of $69,000,2+y0ar,9.5%6 bond payable to be held as an ifvestment. Hotec fonter debas before oredas. 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 omit an investment loss than investment income? Better Worse 1 Record the purchase of $69,000,2-year, 9.5% bond payable to be held as an investment. 7 Record the collection of interest income. 8 Record the purchase of investment. 9 Record the sale of investment. 10 Record the collection of interest. 11 Record the sale of investment. 12 Record the accrual of interest. 13 Record the fair value adjustment at year end. 14 Record the collection of interest. Note : = journal entry has been entered Prepare entries to record the following non-strategic investment transactions of Arrowhead Investment Corporation. (If no entry is required for a transoction/event, select "No journol entry required" in the first account field. Do not round intermediote calculations. Round your finol answers to the neorest whole dollar amount) 2223 Mar. 1 Pald $69,980 to purchase a 569,000 , two-year, 9,58 bond payable of Action Corporation dated March 1 . There was a 585 transaction fee lncluded in the above-noted payment amount. Interest is paid quarterly beginning June 1 . Marigenent Intends to actively trade bond purchases. Apr. 16 bought 2,600 conoon shares of Brandon Motors at $26.00. There was a 5as transaction fee included in the above-noted payment engunt: May 2 Pald 550,968 to purchase a flve-year, 7,00k,$52,000 bond payable of Collinguood Corporation. There was a 585 transaction fee included in the above-noted poynent anount. Interest is paid annually each April 39. June 1 Recelved a cheque from Actlon Corporation regarding quarterly interest. Aug. 1 Brandon Motors' boord of directors declared a dividend of $0,75 per share to shareholders of record on August 10, payable August 15, 15. fiecelved the Brandon Motors dividend. Sept. 1 Recelved a cheque fren Action Corporstion regarding quarterly interest. 17 Purchased 26,200 Dauphin Inc. comon shares at $3.50. There was a $5 transaction fee. oct: 20 sold the Brandon Motors shares at $11.1e. Dec. 1 Recelved a cheque fron Action Corporation regarding quorterly interest. 1 seld the action corporation bond at 101 . 31 Accrued interest on the Col1lignood bond. The falr value of the equity security on this date was Dauphin, 53 . b0. The ze24 carrying value equalled the fair value for the collinguood bond. Apr, 39 Aecelved a cheque from collinguood corporation regarding annual interest. Journal entry worksheet 345678.14 Record the purchate of $69,000,2+y0ar,9.5%6 bond payable to be held as an ifvestment. Hotec fonter debas before oredas. 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 omit an investment loss than investment income? Better Worse 1 Record the purchase of $69,000,2-year, 9.5% bond payable to be held as an investment. 7 Record the collection of interest income. 8 Record the purchase of investment. 9 Record the sale of investment. 10 Record the collection of interest. 11 Record the sale of investment. 12 Record the accrual of interest. 13 Record the fair value adjustment at year end. 14 Record the collection of interest. Note : = journal entry has been entered