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. 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 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. Answer is not complete. 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.) No Date General Journal 1 July 01, 2021 Investment in bonds Cash Debit 2,600,000 Credit 2,600,000 2 December 31, 202 Cash Interest revenue 78,000 78,000 M 3 December 31, 202 Fair value adjustment 360,000 Gain on investment (unrealized, OCI) 360,000 4 June 30, 2022 Cash Interest revenue 5 July 01, 2022 Loss on investment (NI) Fair value adjustment 6 July 01, 2022 Cash Fair value adjustment Investment in bonds 78,000 78,000 620,000 620,000 2,340,000 260,000 2,600,000