Question: View Policies Current Attempt in Progress Presented below is information related to the purchases of common stock by Grouper Company during 2020. Cost (at purchase

View Policies Current Attempt in Progress Presented below is information related to the purchases of common stock by Grouper Company during 2020. Cost (at purchase date) Fair Value (at December 31) Investment in Arroyo Company stock $93,000 $74,000 Investment in Lee Corporation stock 238,000 283,000 Investment in Woods Inc. stock 188,000 198,000 Total $519,000 $555,000 (Assume a zero balance for any Fair Value Adjustment account.) (a) (b) What entry would Grouper 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 Grouper make at December 31, 2020, to record the investments in the Lee and Woods corporations, assuming that Grouper did not select the fair value option for these investments? (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for

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