Chi Amalgamated General Corporation is a consulting firm that also offers financial services through its credit division. From time to time the company buys and sells securities. The following selected transactions relate to Amalgamated's investment activities during the last quarter of 2021 and the first month of 2022. The only securities held by Amalgamated at October 1, 2021 were $30 milion of 10% bonds of Kansas Abstractors, Inc. purchased on May 1, 2021 at face value and held in Amalgamated's trading securities portfolio. The company's fiscal year ends on December 31 2021 oct. Durchased 2 million shares of all work venture Company connen stock for selton, Mellvork har total of 10 million shares issued. 31 Received semiannual interest of $1.5 million from the Kansas Abatractore bonds. Nov. 1 Purchased 10 bonds of Holistic Entertainment Enterprises at their $10 million face value, to be held until they mature in 2031. Semiannual interest is payable April 30 and October 31. 1 Bold the Kans Abstractors bonde for $20 million because rising interest rates are expected to cause their fair value to continue to fall. No unrealised aine and loss had been recorded on these bonde previously Dee. 1 Purchased 124 bonds of Household Plastics Corporation at their $60 lion face value, to be held at they mature in 2031. Seniannual interest is payable Ray 31 and November 30, 20 Purchased U.S. Treasury bonds for 55.6 million ax trading securities, hoping to earn profite on short-term diferences in prices 21 Purchased trillion shares of wis Corporation's 50 million shares of common stock for $44 nation, planning to hold these shares until market conditions encourage their sale. 23 Bold the Treasury bonds for $5.7 million 29 Meceived cash dividends of $3 million from the kill work Ventures Company shares of common stock. 31 Recorded any necessary adjusting entries relating to the investments. The market price of the millwork ventores Company common stock was $27.50 per share and $11.50 per share for the wors Corporation conto stock. The air values of the bond investments were 558.7 million for Household Plastics Corporation and $16.7 million for Holistic Entertainment Enterprises 2022 Jan. 7 sold the XS Corporation common stock shares for $43 milion Required: Prepare the appropriate journal entry for each transaction or event Use one summary entry on December 31 to adjust the portfolio of equity investments to fair value. (If no entry is required for a transaction/event, select "No journal entry required in the first account field. Do not round Intermediate calculations. Enter your answers in millions rounded to 1 decimal place, le, 5,500,000 should be entered as 5.5).) 1 Record the purchase of 2 million shares of Millwork Ventures Company common stock for $58 million. 2 Record the receipt of semiannual interest of $1.5 million from the Kansas Abstractors bonds. 3 Record the purchase of 10% bonds of Holistic Entertainment Enterprises at their $18 million face value. Record the entry to adjust to fair value the investment in Kansas Abstractor bonds on the date of sale. 5 Record the sale of the investment in Kansas Abstractors bonds. Note : = journal entry has been entered unt field. Do not round intermediate calculations. Enter your ans Luld be entered as 5.5).) View transaction list View journal entry worksheet :X: Kansas Abstractor bonds on the date of sale. Record the sale of the investment in Kansas Abstractors bonds. 6 Record the purchase of 12% bonds of Household Plastics Corporation at their $60 million face value. 7 Record the purchase of U.S. Treasury bonds for $5.6 million 8 Record the purchase of 4 million common shares of NXS Corporation for $44 million. 9 Record the entry to adjust to fair value the investment in U.S. Treasury bonds on the date of sale. Note : - Journal entry has been entered
