Colah Company purchased $2,800,000 of Jackson, Inc., 6% 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 $3,180,000. Colah sold the Jackson bonds on July 1, 2022 for $2,520,000. 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 nces Complete this question by entering your answers in the tabs below. Requi 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.) View transaction list View journal entry worksheet No Date General Journal 1 July 01, 2021 Investment in bonds Cash Credit Debit 2,800,000 2,800,000 December 31. 2021 Cash 84.000 Interest revenue 84,000 December 31. 2021 380,000 Fair value adjustment Gain on investment (unrealized, OCI) 380,000 4 June 30, 2022 84.000 Cash Interest revenue 84,000 380,000 July 01, 2022 Loss on investment (unrealized, OCI) Fair value adjustment Interest revenue 280.000 580.000 0 July 01, 2022 July Fair value adjustment Reclassification adjustment (OCI) July 01, 2022 Cash Loss on investment (NI) Investment in bonds RBOR > Colah Company purchased $2,800,000 of Jackson, Inc., 6% 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 $3,180,000. Colah sold the Jackson bonds on July 1, 2022 for $2,520,000. 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 falr-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 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 whole dollars, not in millions IN 2021 Net Income $ 34.000 OCI Comprehensive Income 2022 34.000 $ (14,000) S Total 168,000 (14,000)