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 $65,980 to purchase a $65,800, two-year, 9.5% bond payable of Action Corporation dated March 1 . There was a $50 transaction fee included in the above-noted payment anount. Interest is paid quarterly beginning June 1. Management intends to actively trade bond purchases. Apr. 16 Bought 2,25e common shares of lerandon Motors at $28.60. There was a 550 transaction fee included in the above-noted payment anount. May 2 Paid $43,968 to purchase a five-year, 7.00%, $45, eee bond payable of Collingwood Corporation. There was a $50 transaction fee included in the above-noted payment amount. Interest is paid annually each April 30. June 1 Received a cheque from Action Corporation regarding quarterly interest. Aug. 1 Brandon Motors" board of directors declared a dividend of 50.75 per share to shareholders of record on August 1e, payable August 15. 15 feceived the frandon Motors dividend. Sept. 1 Received a cheque from action Corporation regarding quarterly interest. 17 Purchased 25,50e Dauphin Inc. common shares at \$3.79. Thare was a $50 transaction fee. Oct. 20 sold the Brandon Wotors shares at $31+50. Dec. 1 flecelved 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 Davphin, \$4.e9. The Apr . 38 feceived a cheque fron Collingwood Corporation regarding arnual interest. Journal entry worksheet Record the purchase of $65,000,2 year, 9.5% bond payable to be held as an investment. Note: Enter debits before qenlits. 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