Woodland Inc. completed these long-term investment transactions during 2020. Disregard commissions.

2020
Jan. 14	Purchased 1,700 shares of Personnel Ltd., paying $42.00 per share.
Aug. 22	Received a cash dividend of $5.00 per share on the Personnel Ltd. shares.
Dec. 31	Adjusted the Personnel Ltd. investment to its current fair value of $87,975.

Note: Accounts: (Cash/ dividend revenue /Fair value valuation allowance/ Long term investment/ revenue/

Unrealized Gain on Fair Value adjustment /Unrealized Loss on Fair value Adjustment)

Requirements:

1.	Journalize Woodland's investment transactions. Woodland Inc. exerts no significant influence on Personnel Ltd. and intends to hold the investment indefinitely.
2.	What value is reported for the investment on Woodland's balance sheet at December 31, 2020?