Presented below is information related to the purchases of common stock by Cheyenne Company during 2020.

		Cost (at purchase date)		Fair Value (at December 31)
Investment in Arroyo Company stock		$104,000		$85,000
Investment in Lee Corporation stock		255,000		308,000
Investment in Woods Inc. stock		167,000		178,000
Total		$526,000		$571,000

In addition, assume that the investment in the Woods Inc. stock was sold during 2021 for $182,000. At December 31, 2021, the following information relates to its two remaining investments of common stock.

		Cost (at purchase date)		Fair Value (at December 31)
Investment in Arroyo Company stock		$104,000		$150,000
Investment in Lee Corporation stock		255,000		317,000
Total		$359,000		$467,000

Net income before any security gains and losses for 2021 was $899,000. (a) Compute the amount of net income or net loss that Cheyenne should report for 2021, taking into consideration Cheyennes security transactions for 2021, assuming Cheyenne did not select the fair value option for investments in the Lee and Woods corporations.

Net income or net loss that Cheyenne should report for 2021

$

(b) Prepare the journal entry to record unrealized gain or loss related to the investment in Arroyo Company stock at December 31, 2021. (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 0 for the amounts.)

Date	Account Titles and Explanation	Debit	Credit
Dec. 31, 2021