Presented below is information related to the purchases of common stock by Sandhill Company during 2020. Investment in Arroyo Company stock Investment in Lee Corporation stock Investment in Woods Inc. stock Total (a) (Assume a zero balance for any Fair Value Adjustment account.) (b) Cost Fair Value (at purchase date) (at December 31) $94,000 271,000 (b) 184,000 $549,000 No. Account Titles and Explanation (a) $74,000 322,000 193,000 $589,000 What entry would Sandhill make at December 31, 2020, to record the investment in Arroyo Company stock if it chooses to report this security using the fair value option? What entry would Sandhill make at December 31, 2020, to record the investments in the Lee and Woods corporations, assuming that Sandhill did not select the fair value option for these investments? Debit Credit

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