The cost and fair value of non-strategic investments of International Journalist Corporation on December 31, 2023, and December 31, 2024, are as follows:

Required1. Prepare the fair value adjustment at December 31, 2023, and December 31, 2024, based on the information provided.2. Illustrate how the non-strategic investments will be reported on the December 31, 2023, and December 31, 2024, balance sheets.

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Cost Fair Value $22,000 27,350 On December 31, 2023..............$23,500 On December 31, 2024........ 26,500