Amalgamated General Corporation is a consulting firm that also offers financial services through its credit division. From time to time the $31$ Recorded any necessary adjusting entries relating to the investments. The market price of the Millwork Ventures Company

common stock was $$27\mathrm{.}50$ per share and $$11\mathrm{.}50$ per share for the NXS Corporation common stock. The fair values of the

bond investments were $$58\mathrm{.}7$ million for Household Plastics Corporation and $$16\mathrm{.}7$ million for Holistic Entertainment

Enterprises.

$2025$

Jan. $7$ Sold the NXS Corporation common stock shares for $$43\mathrm{.}3$ million.

Required:

Prepare the appropriate journal entry for each transaction or event. Use one summary entry on December $31$ to adjust the portfolio of

equity investments to fair value.

company buys and sells securities$.$ The following selected transactions relate to Amalgamated's investment activities during the last quarter

of $2024$ and the first month of $2025.$ The only securities held by Amalgamated at October $1,2024$ were $$30$ million of $10\%$ bonds of

Kansas Abstractors, Inc., purchased on May $1,2024$ at face value and held in Amalgamated's trading securities portfolio. The company's

fiscal year ends on December $31.$

Oct. $18$ Purchased $2$ million shares of Millwork Ventures Company common stock for $558$ million. Millwork has a total of $30$ million

shares issued.

$31$ Received semiannual interest of $$1\mathrm{.}5$ million from the Kansas Abstractors bonds.

Nov. $1$ 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 $31.$

$1$ Sold the Kansas Abstractors bonds for $$28$ 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.

Dec. $1$ Purchased $12\%$ bonds of Household Plastics Corporation at their $$60$ million face value, to be held until they mature in

Semiannual interest is payable May $31$ and November $30.$

$20$ Purchased U$.$ S$.$ Treasury bonds for $$5\mathrm{.}6$ million as trading securities$,$ hoping to earn profits on shortterm differences in

prices.

$21$ Purchased $4$ million shares of NXS Corporation's $50$ million shares of common stock for $$44$ million, planning to hold these

shares until market conditions encourage their sale.

$23$ Sold the Treasury bonds for $$5\mathrm{.}7$ million.

$29$ Received cash dividends of $$3$ million from the Millwork Ventures Company shares of common stock.