ABR Corp. buys and sells securities in short-term periods. The following transactions relate to ABR Corp. activity in December of 2018, which has a fiscal year end of December 31. All of the following securities meet the criteria to be classified as trading securities and no other trading securities were held by ABR Corp. prior to December of 2018.

Dec 4 Purchased Cat Corp Bonds for $12 million

Dec 7 Purchased 2 million shares of Cupcake International for $22 million

Dec 10 Sold the Cat Corp Bonds for $12.1 million

Dec 15 Purchased US Treasury Bills for $56 million and US Treasury Bonds for $65 million

Dec 17 Sold 1 million shares of Bubble-drink International for $10 million

Dec 21 Sold the US Treasury Bills for $57 million

Dec 23 Sold the US Treasury Bonds for $63 million

Dec 27 Received payment of cash dividends from Bubble-drink International common shares for $200,000

Dec 31 Recorded any necessary adjusting/closing entries relating to the investments. Market price of Bubble-drink International was $10 per share.

1. Prepare all appropriate journal entries for December 2018:

2. Calculate the total to be reported on the 2018 Balance Sheet for short-term investments.

3. Calculate the total impact to profit reported on the 2018 Income Statement that is a result of the investment activity (i.e., the impact to profit for the investment activity).