[Show your computation] Jacquelin Co. had the following investment portfolio at January 1, 20x2. Par Value per Share Total Investment Makalele Company Arjuna Company Forbes Company 18 20 9 18,000 16,000 4,500 Non-trading investments at cost 38,500 Fair value adjustment -6,000 Non-trading investments at fair value 32,000 During 20x2, the following transactions took place. 1. On March 1, Arjuna Company paid a 1.5 per share dividend. 2. On April 30, Jacquelin Co. sold 300 shares of Forbes Company for 13 per share. 3. On May 15, Jacquelin Co. purchased 100 more shares of Makalele Co. at 15 per share. At December 31, 2022, the shares had the following price per share values: Makelele 17, Arjuna 19, and Forbes 8. Instructions: 1. Prepare journal entries for each of the above transactions. 2. Elaborate the justification for Jacquelin Co to value those investments at fair value