00 IT! Exercises Make entries for bond investment DO IT! 16.1 (LO 1) Kurtyka Corporation had the following transactions relating to debt investments: Jan. 1. 2020 Purchased 50, 51,000, 10% Spiller Company bonds for $50,000. Interest is payable annually on January 1. Dec 31, 2020 Accrued interest on Spiller Company bonds. Jan 1, 2021 Received interest from Spiller Company bonds Jan 1, 2021 Sold 30 Spiller Company bonds for $29,000. Journalize the above transactions, including the adjusting entry for the accrual of interest on December 31, 2020 DO ITI 16.2 (LO 2) Presented below are two independent situations: 1. Edelman Inc. acquired 10% of the 500,000 shares of common stock of Schuberger Corporation at a total cost of $11 per share on June 17, 2020. On September 3. Schuberger declared and paid a $160,000 dividend. On December 31, Schuberger reported net income of $550,000 for the year 2. Wen Corporation obtained significant influence over Hunsaker Company by buying 30% of Hunsaker's 100,000 outstanding shares of common stock at a cost of $18 per share on January 1, 2020. On May 15, Hunsaker declared and paid a cash dividend of $150,000. On December 31. Hunsaker reported net income of $270,000 for the year. Prepare all necessary journal entries for 2020 for (a) Edelman and (b) Wen. Make journal entries for stock Investment 16