During the year, the following transactions occurred at Sandberg, Inc.InstructionsJournalize the investment transactions. The stock investments provide less than 20% ownership interest.Jan. 1 Purchased 40 $1,000, 5% MLB bonds for $40,000. Interest is payable annually on
Jan. 1: Purchased 40 $1,000, 5% MLB bonds for $40,000. Interest is payable annually on January 1.
Apr. 12: Purchased 600 shares of CUB common stock for $78,000.
May. 15: Purchased 200 shares of CWS common stock for $25,000.
Jun. 30: Received a $2.25 per share dividend on the CUB common stock.
Sep. 15: Sold 100 shares of CWS common stock at $105 per share.
Oct. 31: Received a $0.75 per share dividend on the CWS common stock.
Dec. 31: Received the annual interest on the MLB bonds.
Dec. 31: Sold the MLB bonds for $42,500.
Dec. 31: At December 31, Sandberg, Inc. holds 600 shares of CUB common stock and 100 shares of CWS common stock. The cost of the CUB and CWS common stocks were $130 and $125 per share, respectively. The fair value of the CUB and CWS common stocks were $150 and $100 per share, respectively.
Prepare the adjusting entry to report the investments at fair value.