American Surety and Fidelity buys and sells securities expecting to earn profits on short-term differences in price. For the first 11 months of 2018, gains from selling trading securities totaled $8 million, losses were $11 million, and the company had earned $5 million in investment revenue. The following selected transactions relate to American's trading account and equity securities investment account during December 2018, and the first week of 2019. The company's fiscal year ends on December 31. No trading securities were held by American on December 1, 2018 2018 Dec. 12 Purchased FF&G Corporation bonds for $12 million 13 Purchased 2 million Ferry Intercommunications common shares for $22 million 15 Sold the FF&G Corporation bonds for $12.1 million 22 Purchased U.S. Treasury bills for $56 million and Treasury bonds for $65 million 23 Sold half the Ferry Intercommunications common shares for $10 million. 26 Sold the U.S. Treasury bills for $57 milliorn 27 Sold the Treasury bonds for $63 million 28 Received cash dividends of $200,000 from the Ferry Intercommunications common shares 31 Recorded any necessary adjusting entry (s) and closing entries relating to the investments. The market price of the Ferry Intercommunications stock was $10 per share 2019 Jan. 2 Sold the remaining Ferry Intercommunications common shares for $10.2 million 5 Purchased Warehouse Designs Corporation bonds for $34 million Required 1. Prepare the appropriate journal entry for each transaction or event during 2018