Problem 1 Garfield Corporation (Gareld) has made a series of investments in Tom Corp. (Tom), one of its major customers. Gareld has a December 31 year end. The management of Garfield has been impressed by the products produced and sold by Tom and its market success. These investments are only going to be held for a short period of time. The market price of Tom stock on December 31, 2022 and 2023, was $200 and $250, respectively, per share. Dividends of $1.00 per share were declared and paid on December 31 of each year. The following are the share purchases and sales that Garfield entered in 2022 and 2023: Date No. of Shares Total Cost (per share) March 31,2022 1,000 1,000 $75 June 30,2022 1,000 2,000 $125 September 30, 2022 1,000 3,000 $175 September 30, 2023 (3,000) 0 $240 Assume that Garfield accounts for its investment in Tom at fair value through profit and loss (FVTPL). Required: a) Prepare the journal entries to record the transactions in 2022 and 2023 with respect to Gareld's investment in Tom. Assume that Garfield accounts for its investment in Tom at fair value through profit and loss (FVTPL). b) Prepare the journal entries to record the transactions in 2022 and 2023 with respect to Gareld's investment. Assume that Garfield accounts for its investment in Tom at fair value through other comprehensive income (FVTOCI). c) How would Gareld report the investment in Tom on its balance sheet