Current Attempt in Progress On December 31, 2022, the held-for-collection and selling debt portfolio for Williams plc is as follows. Fair Value Unrealized Gain (Loss) Securities Cost Good Co. Bonds 30,000 28,000 E(2,000) Home Co. Bonds 29,200 31.000 1,800 Grand Inc. Debentures 40,000 41,000 1,000 99,200 100,000 800 Before an adjusting entry on December 31, 2022, the fair value adjustment account contained a credit balance of 475. Williams plc reported net income of 78,500 for 2022 (a) Prepare the adjusting entry on December 31, 2022, to report the portfolio at fair value. (Credit account titles are automatically Indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts) Account Titles and Explanation Debit Credit urrent Attempt in Progress Presented below is an amortization schedule related to Martinez Company's 5-year $160,000 bond with a 8% Interest rate and a 6% yield, purchased on December 31, 2019, for $173,480, Cash Received Interest Revenue Date Bond Premium Carrying Amount Amortization of Bonds $173,480 12/31/19 12/31/20 $12,800 $10,409 $2,391 171,089 12/31/21 12,800 10,265 2,535 168,554 12/31/22 12,800 10,113 2,687 165,867 12/31/23 12,800 9,952 2,848 163,019 160,000 12/31/24 12,800 9,781 3,019 The following schedule presents a comparison of the amortized cost and fair value of the bonds at year-end. Amortized cost Fair value 12/31/20 12/31/21 12/31/22 12/31/23 12/31/24 $171,089 $168,554 $165,867 $163,019 $160,000 $170,500 $170,400 $167,500 $164,200 $160,000 a) (a) (b) (c) Prepare the journal entry to record the purchase of these bonds on December 31, 2019, assuming the bonds are classified as held for collection investments. Prepare the journal entry related to the held-for-collection bonds for 2020. Prepare the journal entry related to the heid-for-collection bonds for 2022 Prepare the journal entry to record the purchase of these bonds, assuming they are classified as trading Prepare the journal entries related to the bonds for 2020, assuming they are classified: (1) trading, and (2) held-for-collection and selling (HFCS). Prepare the journal entries related to the trading bonds for 2022. (d) le) (0) (d) Prepare the journal entry to record the purchase of these bonds, assuming they are classified as trading, (e) Prepare the journal entries related to the bonds for 2020, assuming they are classified: (1) trading, and (2) held-for-collection and selling (HFCS). (H Prepare the journal entries related to the trading bonds for 2022. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts) Debit Credit No. Date Account Titles and Explanation (a) (6) () d) (e) (1)
