+1. On November 1, 2020, United Airlines purchases 10,000 shares of Exxon Mobil for $120 per share plus a total of $500 commission. These shares are classified as trading securities. On December 31, 2020, Exxon Mobil is trading for $110 per share. On January 5, Exxon pays shareholders $3 per share in dividends. On February 5, 2021 United Airlines sells the Exxon shares for $115 per share. United Airlines has a tax rate of 20%. Requirements: a. Show all the needed journal entries for the Exxon stock from purchase to sale. b. Describe how the Exxon Mobil stock and the results will be disclosed on the income statement, balance sheet and statement of comprehensive income for 2020 and 2021. 2. On May 1, 2019, Delta Airlines buys 100 SkyFlight Food Service, Inc. bonds for $1,015 each. Delta classifies this investment as available for sale. This is the first available for sale investment Delta has recorded and the only item that affects comprehensive income during this time period. During 2019, SkyFlight pays all bondholders $42 interest per bond. At the end of 2019, the bonds of Skyflight are trading for $1,020 each. During 2020, Skyflight pays all bondholders interest of $75 per bond. At the end of 2020, the bonds of Skyflight are trading for $1,014 per bond. On May 1, 2021, Delta Airlines sells all of its Skyflight bonds for $1,010 per bond. No interest was paid by Skyflight in 2021. Net income Delta was $20 million in 2019, $16 million in 2020 and $18 million in 2021 after taxes. This does not include any gains or losses on the bonds. The tax rate is 20% for all years. Requirements: a. Show all the needed journal entries for the Skyflight stock from purchase to sale. b. Show the statement of comprehensive income for 2019, 2020 and 2021. c. If accumulated other comprehensive income is $500,000 at the beginning of 2019, what is the accumulated other comprehensive income at the end of 2019, 2020 and 2021 3. At the beginning of 2021, Southwest Airlines had the following amounts on their balance sheet: Amounts in millions Common Stock 10 2,690 APIC Retained Earnings Accumulated other comprehensive Income 9,165 265 During 2021, Southwest Airlines has net income of $478 million without considering any gains or losses from the sale of securities. During 2021, Southwest has a pension loss of $37 million and a currency translation gain of $16 million before taxes. They also sold debt securities held for sale that had an original cost of $46 million for $36 million (realized). At the beginning of 2021, the valuation allowance for securities sold was a credit of $5 million- remember to reverse. Southwest also paid dividends of $89 million and sold 10 million shares of $.10 par stock for $320 million in cash. Southwest's tax rate is 30% Requirements: a. Prepare a journal entry for the sale of the debt securities during 2021 that had been left off the financial statements previously. b. Prepare a statement of comprehensive income considering the information given and the journal entry above