Presented below is information related to the purchases of common stock by Sheffield Company during 2017 Cost chase date Fair Value at December 31 at Investment in Arroyo Company stock Investment in Lee Corporation stock Investment in Woods Inc. stock $91,000 234,000 162,000 $487,000 $69,000 285,000 173,000 $527,000 Total In addition, assume that the investment in the Woods Inc. stock was sold during 2018 for $178,000. At December 31, 2018, the following information relates to its two remaining investments of common stock. Cost chase date ) (at December 31) $135,000 296,000 $431,000 at Investment in Arroyo Company stock Investment in Lee Corporation stock $91,000 Total Net income before any security gains and losses for 2018 was $845,000. (a) Compute the amount of net income or net loss that Sheffield should report for 2018, taking into consideration Sheffield's security transactions for 2018, assuming Sheffield did not select the fair value option for $325,000 investments in the Lee and Woods corporations Net income or net loss that Sheffield should report for 2018 (b) Prepare the journal entry to record unrealized gain or loss related to the investment in Arroyo Company stock at December 31, 2018. (Credit account titles are automatically indented when amount is entered. Do $ not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) (b) Prepare the journal entry to record unrealized gain or loss related to the investment in Arroyo Company stock at December 31, 2018. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit Dec. 31, 2018