Background: Webb-McRicketts General Corporation is a consulting firm that also one financial services through its credit division. From time to time the company buys and sells securities. The following selected transactions relate to Webb-McRicketts investment activities during the last quarter of 2021 and the first month of 2022. The only securities held by Webb-McRicketts at October 1, 2021 were $60 million of 10% bonds of Wang-Myers Abstractors, Inc., purchased on May 1, 2021 at face value and held in Webb-McRicketts's trading securities portfolio. The company's fiscal year ends on December 31. Transactions are as follows: 2021 Description of Transaction Oct. 18 Purchased 2 million shares of Olivia Ventures Company common stock for $58 million. Olivia has a total of 60 million shares issued. 31 Received semiannual interest of $3.0 million from the Wang-Myers Abstractors bonds. Nov. 1 Purchased 10% bonds of Rheaistic Entertainment Enterprises at their $18 million face value, to be held until they mature in 2031. Semiannual interest is payable Apr. 30 and Oct. 31. 1 Sold the Wang-Myers Abstractors bonds for $58 million because rising interest rates are expected to cause their fair value to continue to fall. No unrealized gains and losses had been recorded on these bonds previously. Dec. 1 Purchased 12% bonds of Murrayery Plastics Corporation at their $60 million face value, to be held until they mature in 2031. Semiannual interest is payable May 31 and November 30. 20 Purchased U. S. Treasury bonds for $7.1 million as trading securities, hoping to earn profits on short-term differences in prices. 21 Purchased 4 million shares of KRC Corporation's 46 million shares of common stock for $46 million, planning to hold these shares until market conditions encourage their sale. 23 Sold the Treasury bonds for $7.3 million. 29 Received cash dividends of $7 million from the Olivia Ventures Company shares of common stock. Directions: Prepare the appropriate journal entry for each transaction or event, in the next page. (CONTINUE TO NEXT PAGE) Trans. Date General Journal Entries (2021) Debit (Dr.) Credit (Cr.) 10/18/21 10/31/21 11/1/21 11/1/21 11/1/21 12/1/21 IIIIIIIIII IIIIIIIIIII 12/29/21