FINANCIAL ACCOUNTING II Hammond, Inc. purchased NOLA Corp. 6% mortgage bonds on December 16, 2019, at their face amount of $100,000. The bonds will mature on June 30, 2031. As of December 31, 2019, the market value of these bonds had increased to $130,000. Provide the journal entry that would be necessary for this bond investment at December 31, 2019, under each of the following alternatives: Alternative 1: Hammond intends to hold the bonds for an unspecified period, hopefully to take advantage of an increase in market value. However, Hammond will be ready to sell the bonds when the time is right." Alternative 2: Hammond intends to hold the bonds to maturity. B. On August 8, 2020, Hammond sold the NOLA bonds as described above for $135,000. Provide the journal entries that would be required for this transaction under both Alternatives 1 and 2. C. Assume that Hammond had purchased NOLA Corp. common stock (as a trading security) on December 16, 2019, rather than NOLA's bonds, for $100,000. Likewise, the market value of the NOLA stock at December 31, 2019 increased to $130,000. What journal entry would Hammond make for the sale of the NOLA stock for $135,000 on August 8, 2020? FINANCIAL ACCOUNTING II Hammond, Inc. purchased NOLA Corp. 6% mortgage bonds on December 16, 2019, at their face amount of $100,000. The bonds will mature on June 30, 2031. As of December 31, 2019, the market value of these bonds had increased to $130,000. Provide the journal entry that would be necessary for this bond investment at December 31, 2019, under each of the following alternatives: Alternative 1: Hammond intends to hold the bonds for an unspecified period, hopefully to take advantage of an increase in market value. However, Hammond will be ready to sell the bonds when the time is right." Alternative 2: Hammond intends to hold the bonds to maturity. B. On August 8, 2020, Hammond sold the NOLA bonds as described above for $135,000. Provide the journal entries that would be required for this transaction under both Alternatives 1 and 2. C. Assume that Hammond had purchased NOLA Corp. common stock (as a trading security) on December 16, 2019, rather than NOLA's bonds, for $100,000. Likewise, the market value of the NOLA stock at December 31, 2019 increased to $130,000. What journal entry would Hammond make for the sale of the NOLA stock for $135,000 on August 8, 2020