Question 3 Concord Corp. gave you the following information about its investment in Fahad Corp. shares purchased in May 2020 and accounted for using the FV-OCI method: Cost Fair value, December 31, 2020 Fair value, December 31, 2021 Fair value, December 31, 2022 $42,400 $46,750 $33,700 $37,400 Your answer is partially correct. Try again. Prepare the adjusting journal entries needed on December 31, 2020, 2021, and 2022. (Credit account titles are automatically indented when the amount is entere 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, 2020 TFV-OCI Investments 4350 Rectangular Snip Unrealized Gain or Loss 4350 Dec. 31, 2021 Unrealized Gain or Loss 13050 FV-OCI Investments 13050 Dec. 31, 2022 TFV-OCI Investments 5000 Unrealized Gain or Loss 5000 Determine the balance in accumulated other comprehensive income on the statement of financial position on each of December 31, 2020, 2021, and 2022. (Enter negative amount using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) December 31, 2020 December 31, 2021 December 31, 2022 Balance at year end 4350 -13050 -5000 $1 Assume that Concord sold its investment in Fahad Corp. on February 13, 2023, for $40,500. Prepare the journal entries needed, including reclassifying holding gains or losses to retained earnings on this date, assuming the investments are in shares and no recycling to net income is recorded. (Credit account titles are automatically indented when the 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 Feb. 13, 2023 TFV-OCI Investments 3100 Unrealized Gain or Loss 3100 (To adjust to fair value at date of disposal) Feb. 13, 2023 T Cash 40500 ular Snip FV-OCI Investments 40500 (To record disposal) Feb. 13, 2023 Loss on Disposal of Investi 4350 Unrealized Gain or Loss 4350 (To reclassify holding loss)