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 Amalgamateds investment activities during the last quarter of 2021 and the first month of 2022. The only securities held by Amalgamated at October 1, 2021 were $50 million of 10% bonds of Kansas Abstractors, Inc., purchased on May 1, 2021 at face value and held in Amalgamateds trading securities portfolio. The companys fiscal year ends on December 31. 2021

Oct. 18 Purchased 2 million shares of Millwork Ventures Company common stock for $83 million. Millwork has a total of 52 million shares issued.

Oct. 31 Received semiannual interest of $2.0 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 2031. Semiannual interest is payable April 30 and October 31.

Nov. 1 Sold the Kansas Abstractors bonds for $45 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 2031. Semiannual interest is payable May 31 and November 30.

Dec. 20 Purchased U. S. Treasury bonds for $6.7 million as trading securities, hoping to earn profits on short-term differences in prices.

Dec. 21 Purchased 4 million shares of NXS Corporation's 66 million shares of common stock for $66 million, planning to hold these shares until market conditions encourage their sale.

Dec. 23 Sold the Treasury bonds for $7.1 million.

Dec. 29 Received cash dividends of $11 million from the Millwork Ventures Company shares of common stock.

Dec. 31 Recorded any necessary adjusting entries relating to the investments. The market price of the Millwork Ventures Company's common stock was $36.00 per share and $19.00 per share for the NXS Corporation common stock. The fair values of the bond investments were $58.7 million for Household Plastics Corporation and $16.7 million for Holistic Entertainment Enterprises. 2022 Jan. 7 Sold the NXS Corporation common stock shares for $61 million.

I need some guidance on the 15th journal entry which states, "Record the entry to adjust to fair value the investment in NXS Corporation common shares on the date of the sale." The two journal entry categories, "Loss on investment (unrealized, NI) and "Fair Value Adjustment" are both correct.

Awet points 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 secunities. The following selected transactions relate to Amalgamated's investment activities during the last quarter of 2021 and the first month of 2022. The only securities held by Amalgamated at October 1, 2021 were 550 million of 10% bonds of Kansas Absiractors, 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. 2021 Oct. 18 Purchased 2 million shares of Milwork Ventures Company common stock for 383 million Milwork has a total of 52 million shares issued. 31 Received semiannual interest of $20 million from the Kansas Abstractors bonds Nov. 1Purchased 10% bonds of Holistic Entertainment Enterprises at their $18 million face value to be held until they mature in 2031. Semiannual interest is payable April 30 and October 31 1 Sold the Kansas Abstractors bonds for $45 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 1Purchased 12% hands of Household Plastics Corporation at their 300 million face value to be held until they mature in 2031 Semiannual interest is povable May 31 and November 30. 20 Purchased U S Treasury bonds for $6.7 milionas trading securities, hoping to a profits on short-term differences in prices 21 Purchased 4 million shares of NXS Corporation's 66 million shares of common stock for 366 million planning to hold these shares until market conditions encourage their sale 23 Said the Treasury bonds for $7.1 milion. 29 Received cash dividends of $11 milion from the Milwork Ventures Company shares of common stock 31 Recorded any necessary adjusting entries relating to the investments. The market price of the Millwork Ventures Company common stock was $36.00 per share and $19.00 per share for the NXS Corporation common stock. The fair values of the bond investments were $58.7 million for Household Plastics Corporation and $16.7 million for Holistic Entertainment Enterprises 2022 Jan. 7 Sold the NXS Corporation common stock shares for $81 million Required: Prepare the appropriate journal entry for each transaction or event Use one summary entry on December 31 to adjust the portiolio of equity investments to fair value. (If no entry is required for a transactionlevent, 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 5.5).) View transaction list Journal entry worksheet 1 ..... 9 10 11 12 13 14 15 16 > Record the entry to adjust to fair value the investment in NXS Corporation common shares on the date of sale. Note: Enter debits before credits Incorrect Debit Credit figure out Date General Journal Jan 07, 2022 Loss on investment (unrealed, NI) Fair value adjustment Cannot Record entry Clear entry View general journal References