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 $$55$ 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 $$66$ million. Millwork has a

total of $68$ million shares issued.

October $31,2024$ Received semiannual interest of $$3\mathrm{.}3$ 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 $$49$ 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 $$7\mathrm{.}5$ 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 $54$ million shares of common stock for $$54$ million,

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

December $23,2024$ Sold the Treasury bonds for $$8\mathrm{.}1$ 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 $$28\mathrm{.}50$ per share and $$15\mathrm{.}50$ per share for the NXS

Corporation common stock. The fair values of the bond investments were $$59\mathrm{.}3$ million for Household

Plastics Corporation and $$16\mathrm{.}7$ million for Holistic Entertainment Enterprises.

January $7,2025$ Sold the NXS Corporation common stock shares for $$52$ 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 $5\mathrm{.}5).1.$ Record the purchase of $2$ million shares of Millwork Ventures Company common stock for $$66$ million. $2.$ Record the receipt of semiannual interest of $$3\mathrm{.}3$ million from the Kansas Abstractors bonds. $3.$ Record the purchase of $10\%$ bonds of Holistic Entertainment Enterprises at their $$18$ million face value. $4.$ Record the entry to adjust to fair value the investment in Kansas Abstractor bonds on the date of sale. $5.$ Record the sale of the investment in Kansas Abstractors bonds. $6.$ Record the purchase of $12\%$ bonds of Household Plastics Corporation at their $$60$ million face value. $7.$ Record the purchase of U$.$S$.$ Treasury bonds for $$7\mathrm{.}5$ million. $8.$ Record the purchase of $4$ million common shares of NXS Corporation for $$54$ million. $9.$ Record the entry to adjust to fair value the investment in U$.$S$.$ Treasury bonds on the date of sale. $10.$ Record the sale of the Treasury bonds for $$8\mathrm{.}1$ million. $11.$ Record the receipt of cash dividends of $$9$ million from the Millwork Ventures Company common shares. $12.$ Record the accrued interest for Holistic Entertainment bonds. $13.$ Record the accrued interest for Household Plastics bonds. $14.$ Record the entry to adjust the securities to fair value. $15.$ Record the entry to adjust to fair value the investment in NXS Corporation common shares on the date of sale. $16.$ Record the sale of the NXS Corporation common shares for $$52$ million.