I need help with some problems. I have attached the file.

Problem 12-7 Securities held-to-maturity, securities available for sale, and trading securities [LO12-1, 12-2, 12-3] Amalgamated General Corporation is a consulting firm that also offers financial services through its credit division. From time to time the company buys and sells securities intending to earn profits on short-term differences in price. The following selected transactions relate to Amalgamated's investment activities during the last quarter of 2013 and the first month of 2014. The only securities held by Amalgamated at October 1 were $30 million of 12% bonds of Kansas Abstractors, Inc., purchased on May 1 at face value. The company's fiscal year ends on December 31. 2013 Oct. 18 Purchased 2 million preferred shares of Millwork Ventures Company for $66 million as a speculative investment to be sold under suitable circumstances. 31 Received semiannual interest of $1.8 million from the Kansas Abstractors bonds. Nov. 1 Purchased 10% bonds of Holistic Entertainment Enterprises at their $48 million face value, to be held until they mature in 2018. Semiannual interest is payable April 30 and October 31. 1 Sold the Kansas Abstractors bonds for $21 million because rising interest rates are expected to cause their fair value to continue to fall. Dec. 1 Purchased 12% bonds of Household Plastics Corporation at their $40 million face value, to be held until they mature in 2028. Semiannual interest is payable May 31 and November 30. 20 Purchased U. S. Treasury bonds for $6.3 million as trading securities, hoping to earn profits on shortterm differences in prices. 21 Purchased 4 million common shares of NXS Corporation for $58 million as trading securities, hoping to earn profits on short-term differences in prices. 23 Sold the Treasury bonds for $7 million. 29 Received cash dividends of $3 million from the Millwork Ventures Company preferred shares. 31 Recorded any necessary adjusting entry(s) and closing entries relating to the investments. The market price of the Millwork Ventures Company preferred stock was $32.00 per share and $16.00 per share for the NXS Corporation common. The fair values of the bond investments were $62.2 million for Household Plastics Corporation and $17.4 million for Holistic Entertainment Enterprises. 2014 Jan. 7 Sold the NXS Corporation common shares for $57 million. Required: Prepare the appropriate journal entry for each transaction or event. (If no entry is required for a particular transaction, select "No journal entry required" in the first account field. Enter your answers in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5)) 1. Record the purchase of 2 million preferred shares of Millwork Ventures Company for $66 million. 2. Record the receipt of semiannual interest of $1.8 million from the Kansas Abstractors bonds. 3. Record the purchase of 10% bonds of Holistic Entertainment Enterprises at their $48 million face value. 4. Record the sale of the investment in Kansas Abstractors bonds. 5. Record the purchase of 12% bonds of Household Plastics Corporation at their $40 million face value. 6. Record the purchase of U.S. Treasury bonds for $6.3 million. 7. Record the purchase of 4 million common shares of NXS Corporation for $58 million. 8. Record the sale of the Treasury bonds for $7 million. 9. Record the receipt of cash dividends of $3 million from the Millwork Ventures Company preferred shares 10. Record the investment revenue. 11. The market price of the Millwork Ventures Company preferred stock was $32 12. Assuming no other transactions involving trading securities, record the fair value adjustment. 13. Record the closing entries. 14. Record the sale of the NXS Corporation common shares for $57 million. 15. Record the fair value adjustment. Problem 12-9 Available-for-sale and equity method investments compared [LO12-3, 12-4, 12-5, 12-6] On January 4, 2013, Runyan Bakery paid $364 million for 10 million shares of Lavery Labeling Company common stock. The investment represents a 30% interest in the net assets of Lavery and gave Runyan the ability to exercise significant influence over Lavery's operations. Runyan received dividends of $4.5 per share on December 15, 2013, and Lavery reported net income of $350 million for the year ended December 31, 2013. The market value of Lavery's common stock at December 31, 2013, was $33 per share. On the purchase date, the book value of Lavery's net assets was $1,000 million and: a. The fair value of Lavery's depreciable assets, with an average remaining useful life of five years, exceeded their book value by $100 million. b. The remainder of the excess of the cost of the investment over the book value of net assets purchased was attributable to goodwill. Required: 1. Prepare all appropriate journal entries related to the investment during 2013, assuming Runyan accounts for this investment by the equity method. (Enter your answers in millions. If no entry is required for a particular event, select "No journal entry required" in the first account field.) 1. 2. 3. 4. 5. Record the entries related to the purchase Record the entries related to the net income. Record the entries related to the dividends. Record the entries related to the depreciation adjustment. Record the entries related to the recognize changes in the fair value. Prepare the journal entries required by Runyan, assuming that the 10 million shares represent a 20% interest in the net assets of Lavery rather than a 30% interest, and that Runyan accounts for the investment as available for sale. (Enter your answers in millions. If no entry is required for a particular event, select "No journal entry required" in the first account field.) 1. 2. 3. 4. Record the entries related to the purchase Record the entries related to the net income. Record dividends received Record the entries related to the fair value adjustment