Amalgamated General Corporation Is a consulting firm that also offers financlal services through its credit division. From time to time the company buys and sells securlties. The following selected transactions relate to Amalgamated's Investment actlvitles during the last quarter of 2024 and the first month of 2025 . The only securltles held by Amalgamated at October 1,2024 were $30million of 10% bonds of Kansas Abstractors, Incorporated purchased on May 1, 2024 at face value and held in Amalgamated's trading securities portfollo. The company's fiscal year ends on December 31 . October 18, 2024 Purchased 2 million shares of Millwork ventures Company common stock for $71 million. Millwork has a total of 44 million shares issued. October 31, 2024 Received semiannual interest of $1.8 million from the Kansas Abstractors bonds. November 1, 2024 Purchased 10% bonds of Holistic Entertainment Enterprises at their $18 million face value, to be held until they mature in 2034. Semiannual interest is payable April 30 and october 31. November 1, 2024 sold the Kansas Abstractors bonds for $21 million because rising interest rates are expected to cause their fair value to continue to fall. No unrealized gains and losses had been recorded on these bonds previously. December 1, 2024 Purchased 12% bonds of Household Plastics corporation at their $60 million face value, to be held until they mature in 2034. Semiannual interest is payable May 31 and November 30 . December 20, 2024 Purchased U. S. Treasury bonds for $6.3 million as trading securities, hoping to earn profits on short-term differences in prices. December 21, 2024 Purchased 4 million shares of NXS Corporation's 58 million shares of common stock for \$58 million, planning to hold these shares until market conditions encourage their sale. December 23, 2024 sold the Treasury bonds for $7.0 million. December 29, 2024 Received cash dividends of $7 million from the Millwork ventures company shares of common stock. December 31, 2024 Recorded any necessary adjusting entries relating to the investments. The market price of the Millwork ventures Company common stock was $32.00 per share and $16.00 per share for the NXS corporation common stock. The fair values of the bond investments were $59.1 million for Household Plastics corporation and $16.8 million for Holistic Entertainment Enterprises. January 7, 2025 sold the NXS corporation common stock shares for \$57 million. Required: Prepare the approprlate Journal entry for each transaction or event. Use one summary entry on December 31 to adjust the portfolio of equity Investments to falr value. Note: If no entry Is requlred for a transaction/event, select "No Journal entry requlred" In the first account fleld. Do not round Intermedlate calculations. Enter your answers In millions rounded to 1 declmal place, (l.e., 5,500,000 should be entered as 5.5). Journal entry worksheet 234567816 Record the purchase of 2 million shares of Millwork Ventures Company common stock for $71 million. Note: Enter debits before credits. Journal entry worksheet \begin{tabular}{lllll} 6 & 7 & 8 & & 1 \\ \hline \end{tabular} Record the receipt of semiannual interest of $1.8 million from the Kansas Abstractors bonds. Note: Enter debits before credits. Journal entry worksheet 7 8 16 Record the purchase of 10% bonds of Holistic Entertainment Enterprises at their $18 million face value. Note: Enter debits before credits. Journal entry worksheet
