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At December 31, 2021, Thanksgiving Company had the following securities in its Available for Sale Securities portfolio: During 2022, Thanksgiving Company had the following transactions
At December 31, 2021, Thanksgiving Company had the following securities in its Available for Sale Securities portfolio: During 2022, Thanksgiving Company had the following transactions related to this portfolio: 1-2 Sold the Pumpkin Pie, Inc. bonds for $64,600, before deducting $240 of brokerage fees. 1-5 Purchased 50 bonds from Stuffing Company for $48,400, plus a brokerage fee of $200. The bonds are for 5 years, paying interest each year on January 1, have a $1,000 par value, and a stated interest rate of 8%. ammortize 3-19 Sold the Cranberry Company stock for $10,900, less a brokerage fee of $80. 8-24 Purchased Creamed Corn, Inc. stock for $34,700, plus a brokerage fee of $300. 11-7 Sold the Turkey, Inc. stock for $26,500, less a brokerage fee of $120.,26500=120 12-28 Purchased Green Bean Casserole Company stock for $54,900, plus a brokerage fee of $300.54900+300 At the end of 2022, the Fair Values of the portfolio were as follows: Using Excel, complete the following steps: 1. Calculate and prepare the journal entry for the fair value adjustment for 2021. 2. Prepare an amortization for the Stuffing Company bonds. 3. Record all necessary transactions for 2022 . 4. Record an amortization journal entry for the Stuffing Company bonds. 5. Calculate and prepare the journal entry for the fair value adjustment for 2022
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