Colah Company purchased $$2,300,000$ of Jackson, Incorporated, $6\%$ bonds at their face amount on July $1,2024,$ with interest paid

semi$-$annually. The bonds mature in $20$ years but Colah planned to keep them for less than three years, and classified them as

available for sale investments. When the bonds were acquired Colah decided to elect the fair value option for accounting for its

investment. At December $31,2024,$ the Jackson bonds had a fair value of $$2,630,000.$ Colah sold the Jackson bonds on July $1,2025$

for $$2,070,000.$

a$.$ The purchase of the Jackson bonds on July $1.$

b$.$ Interest revenue for the last half of $2024.$

c$.$ Any year$-$end $2024$ adjusting entries.

d$.$ Interest revenue for the first half of $2025.$

e$.$ Any entry or entries necessary upon sale of the Jackson bonds on July $1,2025.$

Required:

Prepare Colah's journal entries for above transactions.

Complete the following table to show the effect of the Jackson bonds on Colah's net income, other comprehensive income, and

comprehensive income for $2024,2025,$ and cumulatively over $2024$ and $2025.$

Complete this question by entering your answers in the tabs below.

Prepare Colah's journal entries for above transactions.

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field. Enter your answers in

whole dollars.

Journal entry worksheet

$1$

$2$

$3$

$4$

$5$

$6$

Record the purchase of the Jackson bonds on July $1.$

Note: Enter debits before credits.