13, pls answer part e thanks. At December 31, 2023, the equity investments of Monty Inc. that were accounted for using the FV-OCI model without recycling wereas follows:InvestmentAhn Inc.Burnham Corp.Chi Ltd.Total(a)Cost andCarrying Amount$176,800Date120,300Dec. 31,202373,200$370,300Your answer is correct.Fair Value$150,700139,400FV-OCI Investments75,300$365,400Because of a change in relationship with Ahn, Monty sold its investment in Ahn for $153,900 on January 20, 2024. No otherinvestments were acquired or sold during 2024; however, a dividend of $1,400 was received from Burnham in June. At December 31,2024, the fair values of Burnham and Chi shares were $152,400 and $72,200, respectively.Account Titles and ExplanationUnrealized Gain or Loss - OCIUnrealizedGain (Loss)$(26,100)Prepare the entry to adjust the portfolio of investments to fair value at December 31, 2023. (Credit account titles are automaticallyindented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O forthe amounts. List debit entry before edit entry.)19,1002,100$(4,900)Debit4900Credit4900 Prepare the journal entries for the 2024 sale of the investment in Ahn, including reclassifying holding gains or losses to retainedearnings and for the dividend received from Burnham. (Credit account titles are automatically indented when the amount is entered.Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record entries in theorder displayed in the problem statement. List all debit entries before credit entries.)(e)DateJan. 20, 2024Jan. 20, 2024 vJan. 20, 2024June 2024vSolutionAccount Titles and ExplanationList of AccountsFV-OCI InvestmentsUnrealized Gain or Loss - OCI(To adjust to fair value at date of disposal)CashFV-OCI Investments(To record disposal)eTextbook and MediaRetained EarningsAccumulated Other Comprehensive Income(To reclassify holding loss)CashDividend RevenueAccount Titles and ExplanationDebitDebit3200153900229001400CreditPrepare the journal entry required at December 31, 2024, to adjust the investments to fair value. (Credit account titles areautomatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titlesand enter o for the amounts. List debit entry before credit entry.)Credit152Attempts: 3 of 3 used

FVOCI stands for "Fair Value through Other Comprehensive Income." Accounting for securities under…

At December 31, 2023, the equity investments of Monty Inc. that were accounted for using the FV-OCI model without recycling were as follows: Investment Ahn Inc. Burnham Corp. Chi Ltd. Total Cost and Carrying Amount $176,800 120,300 73,200 $370,300 Fair Value $150,700 139,400 75,300 $365,400 Unrealized Gain (Loss) $(26,100) 19,100 2,100 $(4,900) Because of a change in relationship with Ahn, Monty sold its investment in Ahn for $153,900 on January 20, 2024. No other investments were acquired or sold during 2024; however, a dividend of $1,400 was received from Burnham in June. At December 31, 2024, the fair values of Burnham and Chi shares were $152,400 and $72,200, respectively.