Colah Company purchased $1.1 million of Jackson, Inc., 8% bonds at par on July 1, 2021, with Interest pald 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 $1.31 million. Colah sold the Jackson bonds on July 1, 2022 for $990,000. Required: 1. Prepare Colah's Journal entries for above transactions. 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 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 dollars, not in millions. (.e. 5 should be entered as 5.000.000)) Verranno Journal entry worksheet Record the purchase of the Jackson bonds on July 1. Nota incat arbits sotare proces Colah Company purchased $11 million of Jackson, Inc., 8% 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 $1.31 million. Colah sold the Jackson bonds on July 1, 2022 for $990,000 Required: 1. Prepare Colah's journal entries for above transactions 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 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: 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 dollars, not in millions (e. 5 should be entered as 5.000.000)) 2021 2022 Total Net Income Comprehens ve in (Required 1
