At the end of 2018, Hodge Company prepared the following schedule of investments in trading debt securities (all of which were acquired at par value):

Company	12/31/2018 Book Value	12/31/2018 Fair Value
Thompson Company	$75,000	$74,200
Stevens Company	40,000	43,100
Totals	$115,000	$117,300

During 2019, the following transactions occurred:

July 1	Purchased Little Company debt securities for $100,000 (which is equal to par value). The securities carry an annual interest rate of 10%, mature on December 31, 2021, and pay interest seminannually on July 1 and December 31.
Oct. 11	Sold all of the Thompson Company securities for $73,000 plus interest of $2,800.
Dec. 31	Received interest of $5,000 on the Stevens Company and Little Company debt securities, and the following yearend total market values were available: Stevens Company debt securities, $45,000; Little Company debt securities, $98,000.

Required:

1.	Prepare journal entries to record the preceding information.
2.	Next Level If Terry uses IFRS, how would the accounting for investments be different from U.S. GAAP?