Gaelic Industries Inc. is an athletic footware company that began operations on January 1, 2016. The following transactions relate to debt investments acquired by Gaelic Industries Inc., which has a fiscal year ending on December 31: Record these transactions on page 10 2016 May 1 Purchased $86,400 of Avery Co. 5%, 15-year bonds at their face amount plus accrued interest of $720. The bonds pay interest semiannually on March 1 and September 1. 16 Purchased $64,800 of Clawhammer 5%, 10-year bonds at their face amount plus accrued interest of $135. The bonds pay interest semiannually on May 1 and November 1. Sept. 1 Received semiannual interest on the Avery Co. bonds. 30 Sold $36,000 of Avery Co. bonds at 97 plus accrued interest of $150. Nov. 1 Received semiannual interest on the Clawhammer bonds. Dec. 31 Accrued $840 interest on the Avery Co. bonds. 31 Accrued $540 interest on the Clawhammer bonds. Record these transactions on page 11 2017 Mar. 1 Received semiannual interest on the Avery Co. bonds. May 1 Received semiannual interest on the Clawhammer bonds. Required: 1. Journalize the entries to record these transactions. Be sure to enter the year as part of the date for the first entry on each page. Refer to the information given and the Chart of Accounts provided for the exact wording of the answer choices for text entries. In your computations, round per share amounts to two decimal places. 2. If the bond portfolio is classified as available for sale, what impact would this have on financial statement disclosure?