Amalgamated General Corporation is a consulting t$$rm that also otters t$$nancial services through its credit division. $-$rom 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 $$45$ 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 $31.$

January $7,2025$ Sold the NXS Corporation common stock shares for $$47$ 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

Record the purchase of $4$ million common shares of NXS Corporation for $$50$

million.

Note: Enter debits before credits.