Colah Company purchased $1,200,000 of Jackson, Incorporated, 8% bonds at par on July 1,2024 , with interest pald sembannually. Colah determined that it should account for the bonds as an avallable-for-sale investment. At December 31, 2024, the Jackson bonds had a fair value of $1,420,000. Colah sold the Jackson bonds on July 1,2025 for $1,080,000. Required: 1. Prepare Colah's journal entries for the following transactions: a. The purchase of the Jackson bonds on July 1. b. Interest revenue for the last haif of 2024 . c. Any year-end 2024 adjusting entries. d. Interest revenue for the first half of 2025 . e. Any entries necessary upon sale of the Jackson bonds on July 1,2025 , including updating the fairvalue adjustment, recording any reclassification adjustment, and recording the sale. 2. Complete the following table to show the effect of the Jackson bonds on Colahis net income, other comprehensive income, and comprehenstve income for 2024,2025 , and cumulatively over 2024 and 2025. Complete this question by entering your answers in the tabs below. Prepare Colph's journal entries for the following transactions: 6. The purchase of the jackson bonds on July 1 . b. Inte purt revenue for the last haid of 2024 . C. Any yeariend 2024 adjusting entries 9. Interest revenve for the first half of 2025 . e. Any entres necessar upen sale of the Jockson bonds on July 1, 2025, induding updating the fairvalue adjustment, reconding any reclatsifintion adjustmeot, and recorsing the sale. mole golevy, and not in milierns. shewienia Colah Company purchased $1,200,000 of Jackson, Incorporated, 8% bonds at par on July 1,2024 , with interest pald sembannually. Colah determined that it should account for the bonds as an avallable-for-sale investment. At December 31, 2024, the Jackson bonds had a fair value of $1,420,000. Colah sold the Jackson bonds on July 1,2025 for $1,080,000. Required: 1. Prepare Colah's journal entries for the following transactions: a. The purchase of the Jackson bonds on July 1. b. Interest revenue for the last haif of 2024 . c. Any year-end 2024 adjusting entries. d. Interest revenue for the first half of 2025 . e. Any entries necessary upon sale of the Jackson bonds on July 1,2025 , including updating the fairvalue adjustment, recording any reclassification adjustment, and recording the sale. 2. Complete the following table to show the effect of the Jackson bonds on Colahis net income, other comprehensive income, and comprehenstve income for 2024,2025 , and cumulatively over 2024 and 2025. Complete this question by entering your answers in the tabs below. Prepare Colph's journal entries for the following transactions: 6. The purchase of the jackson bonds on July 1 . b. Inte purt revenue for the last haid of 2024 . C. Any yeariend 2024 adjusting entries 9. Interest revenve for the first half of 2025 . e. Any entres necessar upen sale of the Jockson bonds on July 1, 2025, induding updating the fairvalue adjustment, reconding any reclatsifintion adjustmeot, and recorsing the sale. mole golevy, and not in milierns. shewienia
