S&L Financial buys and sells securities expecting to earn profits on short-term differences in price. On December 27, 2021, S&L purchased Coca-Cola bonds at par for $875,000 and sold the bonds on January 3, 2022, for $880,000. At December 31, the bonds had a fair value of $873,000. Prepare journal entries to record (a) any unrealized gains or losses occurring in 2021 and (b) the sale of the bonds in 2022. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

Answer is not complete. Credit No 1 Date General Journal December 31, 20Loss on investments (unrealized, NI) Fair value adjustment Debit 2,000 2,000 880,000 2,000 $ January 03, 2022 Cash Gain on investments (unrealized, OCI) Investment in bonds Fair value adjustment 875,000 X 7,000 January 03, 2022 Cash 880,000 Gain on investments (unrealized, OCI) 5,000 Investment in bonds 875,000