Ch 12 HW Saved Help Save 10 Exercise 12-12 (Algo) Available-for-sale securities (LO12-1, 12-4) 10 points Colah Company purchased $2,600,000 of Jackson, Inc., 6% bonds at par on July 1, 2021, with interest paid semi-annually. Colah determined that it should account for the bonds as an available-for-sale investment. At December 31, 2021, the Jackson bonds had a fair value of $2,960,000. Colah sold the Jackson bonds on July 1, 2022 for $2,340,000. Skipped Required: 1. Prepare Colah's journal entries for the following transactions: eBook Hint Print a. The purchase of the Jackson bonds on July 1. b. Interest revenue for the last half of 2021. c. Any year-end 2021 adjusting entries. d. Interest revenue for the first half of 2022. e. Any entries necessary upon sale of the Jackson bonds on July 1, 2022, including updating the fair-value adjustment, recording any reclassification adjustment, and recording the sale. References 2. Complete the following table to show the effect of the Jackson bonds on Colah's net income, other comprehensive income, and comprehensive income for 2021, 2022, and cumulatively over 2021 and 2022. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare Colah's journal entries for above transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answer in whole dollars, not in millions.) CH 10 Required 1 Required 2 10 points Prepare Colah's journal entries for above transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answer in whole dollars, not in millions.) Skipped View transaction list eBook Journal entry worksheet Hint Print References Record the purchase of the Jackson bonds on July 1. Note: Enter debits before credits. Date General Journal Debit Credit July 01, 2021 MC Prou 10 of 11 Moyt 10 Prepare Lolans journal entries for above transactions. (II no entry is requireu cor a ransaction/event, selecL NO Journal entry requireu in the first account field. Enter your answer in whole dollars, not in millions.) View transaction list 10 points X Skipped 1 Record the purchase of the Jackson bonds on July 1. > eBook 2 Record the interest revenue for the last half of 2021. Hint 3 Record the entry to adjust to fair value at year end. Print 4 Record the interest revenue for the first half of 2022. References Credit 5 Record the entry to adjust to fair value on the date of sale. 6 Record the entry for reclassification adjustment. 7 Record the sale of the Jackson bonds on July 1, 2022. Note : = journal entry has been entered Record entry Clear entry View general Journal Mr 10 Required: 1. Prepare Colah's journal entries for the following transactions: 10 points a. The purchase of the Jackson bonds on July 1. b. Interest revenue for the last half of 2021. c. Any year-end 2021 adjusting entries. d. Interest revenue for the first half of 2022. e. Any entries necessary upon sale of the Jackson bonds on July 1, 2022, including updating the fair-value adjustment, recording any reclassification adjustment, and recording the sale. Skipped eBook 2. Complete the following table to show the effect of the Jackson bonds on Colah's net income, other comprehensive income, and comprehensive income for 2021, 2022, and cumulatively over 2021 and 2022. Hint Print Complete this question by entering your answers in the tabs below. References Required 1 Required 2 Fill out the following table to show the effect of the Jackson bonds on Colah's net income, other comprehensive income, and comprehensive income for 2021, 2022, and cumulatively over 2021 and 2022. (Negative amounts should be entered with minus sign. Enter your answer in whole dollars, not in millions.) 2021 2022 Total $ 0 Net Income oci $ 0 Comprehensive Income $ 0 Print References Record the purchase of the Jackson bonds on July 1. Note: Enter debits before credits. Date General Journal Debit Credit July 01, 2021 MC Prou 10 of 11 Moyt 10 Prepare Lolans journal entries for above transactions. (II no entry is requireu cor a ransaction/event, selecL NO Journal entry requireu in the first account field. Enter your answer in whole dollars, not in millions.) View transaction list 10 points X Skipped 1 Record the purchase of the Jackson bonds on July 1. > eBook 2 Record the interest revenue for the last half of 2021. Hint 3 Record the entry to adjust to fair value at year end. Print 4 Record the interest revenue for the first half of 2022. References Credit 5 Record the entry to adjust to fair value on the date of sale. 6 Record the entry for reclassification adjustment. 7 Record the sale of the Jackson bonds on July 1, 2022. Note : = journal entry has been entered Record entry Clear entry View general Journal Mr 10 Required: 1. Prepare Colah's journal entries for the following transactions: 10 points a. The purchase of the Jackson bonds on July 1. b. Interest revenue for the last half of 2021. c. Any year-end 2021 adjusting entries. d. Interest revenue for the first half of 2022. e. Any entries necessary upon sale of the Jackson bonds on July 1, 2022, including updating the fair-value adjustment, recording any reclassification adjustment, and recording the sale. Skipped eBook 2. Complete the following table to show the effect of the Jackson bonds on Colah's net income, other comprehensive income, and comprehensive income for 2021, 2022, and cumulatively over 2021 and 2022. Hint Print Complete this question by entering your answers in the tabs below. References Required 1 Required 2 Fill out the following table to show the effect of the Jackson bonds on Colah's net income, other comprehensive income, and comprehensive income for 2021, 2022, and cumulatively over 2021 and 2022. (Negative amounts should be entered with minus sign. Enter your answer in whole dollars, not in millions.) 2021 2022 Total $ 0 Net Income oci $ 0 Comprehensive Income $ 0
