Colah Company purchased $2,700,000 of Jackson, Inc., 5% bonds at their face amount on July 1, 2021, with interest paid semi-annually. The bonds mature in 20 years but Colah planned to keep them for less than 3 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, 2021, the Jackson bonds had a fair value of $3,070,000. Colah sold the Jackson bonds on July 1, 2022 for $2,430,000.

1. The purchase of the Jackson bonds on July 1.
2. Interest revenue for the last half of 2021.
3. Any year-end 2021 adjusting entries.
4. Interest revenue for the first half of 2022.
5. Any entry or entries necessary upon sale of the Jackson bonds on July 1, 2022.

Required: 1. Prepare Colahs journal entries for above transactions.

2. Complete the following table to show the effect of the Jackson bonds on Colahs net income, other comprehensive income, and comprehensive income for 2021, 2022, and cumulatively over 2021 and 2022.

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 answers in whole dollars.) No Date General Journal Debit Credit 1 July 01, 2021 Investment in bonds 2,700,000 Cash 2,700,000 2 December 31, 202 Cash 67,500 Interest revenue 67,500 3 370,000 December 31, 202 Fair value adjustment Gain on investments (unrealized, NI) 370,000 4 June 30, 2022 Cash 67,500 Interest revenue 67,500 6 July 01, 2022 No Transaction Recorded 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. (Amounts to be deducted should be indicated with a minus sign.) 2021 2022 Total Net Income 0 0 Comprehensive Income 0 Required 1 Required 2