Exercise 12-12 (Algo) Available-for-sale securities; financial statement effects [LO12-1, 124] Colah Company purchased $2,300,000 of Jackson, Incorporated, 6% bonds at par on July 1,2024 , with Interest pald seml-annually. Colah determined that It should account for the bonds as an avallable-for-sale Investment. At December 31,2024 , the Jackson bonds had a falr value of $2,630,000. Colah sold the Jackson bonds on July 1 , 2025 for $2,070,000. Requlred: 1. Prepare Colah's Journal entrles for the following transactions: a. The purchase of the Jackson bonds on July 1. b. Interest revenue for the last half of 2024 . c. Any year-end 2024 adjusting entrles. d. Interest revenue for the first half of 2025 . e. Any entrles necessary upon sale of the Jackson bonds on July 1, 2025, 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 2024, 2025, and cumulatlvely over 2024 and 2025. Complete this question by entering your answers in the tabs below. 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 2024. c. Any year-end 2024 adjusting entries. d. Interest revenue for the first half of 2025. e. Any entries necessary upon sale of the Jackson bonds on July 1, 2025, including updating the fair-value adjustment, rec reclassification adjustment, and recording the sale. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your whole dollars, and not in millions. Exercise 12-12 (Algo) Available-for-sale securities; financial statement effects [LO12-1, 124] Colah Company purchased $2,300,000 of Jackson, Incorporated, 6% bonds at par on July 1,2024 , with Interest pald seml-annually. Colah determined that It should account for the bonds as an avallable-for-sale Investment. At December 31,2024 , the Jackson bonds had a falr value of $2,630,000. Colah sold the Jackson bonds on July 1 , 2025 for $2,070,000. Requlred: 1. Prepare Colah's Journal entrles for the following transactions: a. The purchase of the Jackson bonds on July 1. b. Interest revenue for the last half of 2024 . c. Any year-end 2024 adjusting entrles. d. Interest revenue for the first half of 2025 . e. Any entrles necessary upon sale of the Jackson bonds on July 1, 2025, 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 2024, 2025, and cumulatlvely over 2024 and 2025. Complete this question by entering your answers in the tabs below. 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 2024. c. Any year-end 2024 adjusting entries. d. Interest revenue for the first half of 2025. e. Any entries necessary upon sale of the Jackson bonds on July 1, 2025, including updating the fair-value adjustment, rec reclassification adjustment, and recording the sale. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your whole dollars, and not in millions