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Avalon Corp had the following transactions relating to their trading securities portfolio. This is the first year that they have made these investments. February 1

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Avalon Corp had the following transactions relating to their trading securities portfolio. This is the first year that they have made these investments. February 1 - Bought 1,000 shares of IBM for $98 per share and paid brokerage fees of April 1st-Bought $200,000 of 6% U.S. Treasury Bonds at 99, plus accrued interest. $2,000 The nual interest dates are January 1st and July 1st. Avalon uses the revenue approach to record the accrued interest. There were no brokerage fees July 1s- Received the semi-annual interest on the US Treasury Bonds. July 31- IBM announced a 2 for 1 stock split. August 15h. Sold 1,000 shares of the IBM stock for $55 per share and paid brokerage fees of $1,000 December 3 1st- Recorded the accrued interest on the US Treasury bonds. December 3 1s- The market value of the IBM stock is $48, and the US Treasury Bonds are selling for 101.5 Required: Prepare, in good form, all of the journal entries related to these investments

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