Colah Company purchased $2,800,000 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 $3,180,000. Colah sold the Jackson bonds on July 1, 2022 for $2,520,000.

Required: 1. Prepare Colahs journal entries for the following transactions:

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 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 Colahs net income, other comprehensive income, and comprehensive income for 2021, 2022, and cumulatively over 2021 and 2022. Prepare Colahs 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.)

Required 2 - > Fill out 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. (Negative amounts should be entered with minus sign. Enter your answer in whole dollars, not in millions.)

Cola Company purchased $2,800,000 of Jackson, Inc. 6% bonds at paron July 2021. with interest paid son .Colah determined that it should account for the bonds as an available for sale investment. At December 31, 2021. the Jackson and had tal 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. Arty year-end 2021 adjusung entries d. Interest revenue for the first half of 2022 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 bands on Cola'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. Prepare Colah's journal entries for above transactions. If no anty 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 July 01, 2021 General Journal Credit Debit 2.800,000 Investment in bonds Cash 2,800,000 $4,000 December 31, 20 Cash Interest reverse 84.000 390 000 December 31, 200 Fair value adjustment Quin on investe r ed, 00 OO June 30, 2002 84,000 Cash Interest revenue July 01, 2022 Loss on investment (untested, ocy Fair value adjustment July 01, 2022 Fair value ad ustment OG D Required 2 > Shareholder Account. BroncoDirect/PeopleS... 16 Blackboard CPPM McGraw-Hill Connect... O Mail-cbgriffiths@cpp... Putlocker - Watch Mo... Putlocker Watch Onl... 0 Chapter 12 Homework Soved Check my work mode: This shows what is correct or incorrect for the work you have completed SG 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. points 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 o. 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 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 dallars, not in millions.) Net Income 2021 84.000 2022 84.000 14,000) Total 100.000 (14.000) $ Shareholder Account. BroncoDirect/PeopleS... 16 Blackboard CPPM McGraw-Hill Connect... O Mail-cbgriffiths@cpp... Putlocker - Watch Mo... Putlocker Watch Onl... 0 Chapter 12 Homework Soved Check my work mode: This shows what is correct or incorrect for the work you have completed SG 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. points 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 o. 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 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 dallars, not in millions.) Net Income 2021 84.000 2022 84.000 14,000) Total 100.000 (14.000) $