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 $61,980 to purchase a $61,000, two-year, 7.51 bond payable of Action Corporation dated Natch 1 . There was a $30 transaction fee included in the above-noted payment amount. Interest is paid quarteriy beginaing June 1. Management intends to actively trade bond purchases. Apr. 16 Bought 2,050 comon shares of brandon Motors at $26,00. There wan a $30 transaction fee ineluded in the abovenoted payment amount. May 2 Paid $39,968 to purchase a five-year, 5.00 , $41,000 bond payable of Collingwood Corporation. There was a $30 transaction fee included in the above-noted payment anount. Interest is paid annually each April 30. June 1 Received a cheque from hetion corporation regarding quarteriy interest. Aug. 1 Brandon Motors' board of directors declared a dividend of $0.75 per share to shareholders of record on Auguat 10 , payable Auqust 15 . 15 Received the Brandon Motors dividend. sept. 1 Received a cheque from Mction Corporation regarding quarterly interest. 17 purchased 25,100 bauphin Ind. common shares at $3.30. There was a $30 transaction fee. oct. 20 sold the Brandon Motors shares at $31.10. Dec. 1 Received a cheque from Mction Corporation regarding quarterly interent, 1 sold the Action Corporation bond at 101 . 31 Acerued interest on the Collingwood bond. The fair value of the equity security on this date vas Dauphin, $3.60. The carrying value equalled the fair value forl the collingmood bond. 2024 Apr, 30 Received a eheque from Collingwood Corporation regarding annual interest. 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