Amalgamated General Corporation is a consulting firm that also offers financial services through its credit division. From time to time the 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 $1,2021$ 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 preferred shares of Millwork Ventures Company for $$58$ million. Millwork has a total of $30$ million shares issued.

Oct $31$ 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 $31.$

Nov $1$ Sold the Kansas Abstractor s 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 $2034.$ Semiannual interest is payable May $31$ and November $30.$

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

Dec $21$ Purchased $4$ million common shares of NXS Corporation$$s $50$ million shares of common stockfor $44$ million, planning to hold these shares until market conditions encourage their sale.

Dec $23$ Sold the Treasury bonds for $$5\mathrm{.}7$ mill ion.

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

Dec $31$ Recorded any necessary adjusting entry$($s$)$ and closing entries relating to the investments. The market price of the Millwork Ventures Company preferred 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 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 investment to fair value.