Presented below is information related to the purchases of common stock by Flounder Company during 2017 Cost Fair Value Investment in Arroyo Company stock Investment in Lee Corporation stock Investment in Woods Inc. stock (at purchase date) $104,000 254,000 184,000 $542,000 (at December 31) $84,000 299,000 195,000 $578,000 Total (Assume a zero balance for any Fair Value Adjustment account.) (a) What entry would Flounder make at December 31, 2017, to record the investment in Arroyo Company stock if it chooses to report this security using the fair value (b) What entry would Flounder make at December 31, 2017, to record the investments in the Lee and Woods corporations, assuming that Flounder did not select the option? fair value option for these investments? (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.) No. Account Titles and Explanation (a) Allowance for Loss on Debt Investment Debit Credit Fair Value Adjustment (b) TNo Entry No Entry