ELI MY WURMBAE! This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. Return to ques On January 1, Ralston Corp. issues $640,000 of 10% bonds, due in 10 years, with interest payable semiannually on June 30 and December 31 each year. Price Investment Company purchases all of the bonds and classifies them as available-for-sale. Assuming the market interest rate on the issue date is 11%, Price will purchase the bonds for $601759. Required: 1. Complete the first three rows of an amortization table for Price. 2. Record the purchase of the bonds by Price on January 1 and the receipt of the first two semiannual interest payments on June 30 and December 31. 3. Assume the fair value of the bonds equals $600,000 on December 31. Record any necessary fair value adjustment 4. Calculate net income and comprehensive income. Assume the company has sales revenue of $2,470,000 and operating expenses of $1,729,000 Answer is complete but not entirely correct. Required 1 Required 2 Required 3 Required 4 Assume the fair value of the bonds equals $600,000 on December 31. Record any necessary fair value adjustment. (If na entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) NO Date Debit Credit General Journal Unrealized Holding Loss Other Comprehensive Income 1 December 31 600,000 Investments 600,000