Romeo company has 120000 ordinary shares of Blue company that has been designated as fair value to other comprehensive income. these shares were acquired at fair market value, which was $160 per share on July 1 2022. On December 21, 2022 the market value of these shares are $180 per share. On January 4, 2023 Romeo company sold 84000 shares of its investment in Blue company for $170 per share.

1. prepare journal entries for sale of investment

2. What amount of unrealized gain or loss should Romeo company carry over to the next measurement date?

3. What amount of unrealized gain or loss should be transferred to retained Earnings?

Please prepare a comprehensive and detailed solution