On March $25,2024,$ Phillips Corporation purchased bonds of Atlas Corporation for $$137\mathrm{.}4$ million and classified the securities as trading securities$.$ On December $31,2024,$ these bonds were valued at $$161\mathrm{.}6$ million. Three months later, on April $3,2025,$ Phillips Corporation sold these bonds for $$158$ million.

As part of the multistep approach to record the $2025$ transaction, Jefferson Corporation should next take the second step of recording a sales transaction where it:

Multiple Choice

debits a fair value adjustment of $$20\mathrm{.}60$ million.

debits a fair value adjustment of $$24\mathrm{.}20$ million.

credits a fair value adjustment of $$24\mathrm{.}20$ million.

credits a fair value adjustment of $$20\mathrm{.}60$ million.