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 $$35$ million of $10\%$

bonds of Kansas Abstractors, Incorporated purchased on May $1,2024$ at face value and held in Amalgamated's trading securities

portfolio. The company's fiscal year ends on December $31.$

October $18,2024$ Purchased $2$ million shares of Millwork Ventures Company common stock for $$74$ million. Millwork has a

total of $46$ million shares issued.

October $31,2024$ Received semiannual interest of $$1\mathrm{.}4$ 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 $0$ctober $31.$

November $1,2024$ Sold the Kansas Abstractors bonds for $$33$ 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\mathrm{.}4$ 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 $60$ million shares of common stock for $$60$ million,

planning to hold these shares until market conditions encourage their sale.

December $23,2024$ Sold the Treasury bonds for $$6\mathrm{.}5$ million.

December $29,2024$ Received cash dividends of $$9$ 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 $$32\mathrm{.}50$ per share and $$17\mathrm{.}00$ 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{.}5$ million for Holistic Entertainment Enterprises.

January $7,2025$ Sold the NXS Corporation common stock shares for $$58$ 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.

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field. Do not round

intermediate calculations. Enter your answers in millions rounded to $1$ decimal place, $($i$.$e$.,5,500,000$ should be entered as $5\mathrm{.}5).$

Journal entry worksheet

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$8$

Record the purchase of $2$ million shares of Millwork Ventures Company

common stock for $$74$ million.

Note: Enter debits before credits.