Special Assignment Problem Marks: 5 Presented below is information related to the purchases of common stock by Lilly Company during 2017, Cost a purchase date Fur Value at December 31 Investment in Arroyo Company stock $100,000 50.00 Investment in Lee Corporation och 250,000 300.000 lavestment in Woods Inc.seck 180,000 190,000 $530,000 $570,000 During 2018 Woods Inc stock was sold for 190.000. The fair value of remaining stocks as on December 31 2018 was, Arroyo Company stock - 90,000: Lee Corporation stock - 290,000 Requirement: (a) Prepare the fair value adjustment entry as on December 31, 2017 (b) Prepare the journal entry to record the sale of the Woods Inc stock during 2018 (e) Prepare the fair value adjustment entry as on December 31, 2018 Special Assignment Problem Marks: 5 Presented below is information related to the purchases of common stock by Lilly Company during 2017. Investments Cost (at purchase date) Fair Value (at December, 31) Investment in Arroyo Company stock $100,000 $ 80,000 Investment in Lee Corporation stock 250,000 300,000 Investment in Woods Inc. stock 180,000 190,000 Total $530,000 $570,000 During 2018 Woods Inc stock was sold for 190,000. The fair value of remaining stocks as on December 31 2018 was, Arroyo Company stock 90,000; Lee Corporation stock - 290,000. Requirement: (a) Prepare the fair value adjustment entry as on December 31, 2017 (b) Prepare the journal entry to record the sale of the Woods Inc stock during 2018. (c) Prepare the fair value adjustment entry as on December 31, 2018