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 intending to earn profits on short-tern differences in price. The following selected transactions relate to Amalgamated 's investment activities during the last quarter of 2016 and the first month of 20 17. The only securities held by Amalgamated at October I were $30 million of 10% bonds of Kansas Abstractors, Inc., purchased on May 1 at face value. The company's fiscal year ends on December 31. 2016

2016:

Oct. 18 Purchased 2 million preferred shares of Millwork Ventures Company for $58 million as a speculative investment to be sold under suitable circumstances.

Oct 31 Received semiannual interest of $1.S 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 2018. 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.

Dec 1 Purchased 12% bonds of Household Plastics Corporation at their $60 million face value, to be held until they mature in 2028. Semiannual interest is payable May 31 and November 30.

Dec 20 Purchased U. S. Treasury bonds for $5.6 million as trading securities, hoping to earn profits on short-term differences in prices.

Dec 21 Purchased 4 million common shares of NXS Corporation for $44 million as trading securities, hoping to earn profits on short-term differences in prices.

Dec 23 Sold the Treasury bonds for $5.7 mill ion.

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

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 $27.50 per share and $11.50 per share for the NXS Corporation common. The fair values of the bond investments were $58.7 million for Household Plastics Corporation and $16.7 million for Holistic Entertainment Enterprises.

2017

Jan 7 Sold the NXS Corporation common shares for $43 million.

Required:

Prepare the appropriate journal entry for each transaction or event.