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i need help with the journal entries for years 1,2, and 3. And i also need help on the second part please HW SAVI Help

image text in transcribed i need help with the journal entries for years 1,2, and 3. And i also need help on the second part please
image text in transcribed
HW SAVI Help Save Required information [The following information applies to the questions displayed below) Mead Incorporated began operations in Year 1. Following is a series of transactions and events involving its long-term debt investments in available for sale securities. Year 1 January 20 Purchased Johnson & Johnson bonds for $28,500. February 9 Purchased Sony notes for $62,640. June 12 Purchased Mattel bonds for $48,500. December 31 Fair values for debt in the portfolio are Johnson & Johnson, $31,100; Sony, $53, 150; and Mattel, $56,950. Year 2 April 15 Sold all of the Johnson & Johnson bonds for $31,500. July 5 Sold all of the Mattel bonds for $41,450. July 22 Purchased Sara Lee notes for $19,900. August 19 Purchased kodak bonds for $20,900. December 31 Fair values for debt in the portfolio are Kodak, $22,125; Sara Lee, $20,000; and Sony, 564,900. Year 3 February 27 Purchased Microsoft bonds for $159,600. June 21 Sold all of the Sony notes for $64,000. June 30 Purchased Black & Decker bonds for $58,400. August 3 Sold all of the Sara Lee notes for $16,950. November 1 Sold all of the Kodak bonds for $25,675. December 31 Foir values for debt in the portfolio are Black & Decker, 559,400; and Microsoft, $160,200. 2. Complete the following table that summarizes the (a) total cost, (b) total fair value adjustment, and (c) total fair value of the portfolio of long-term available for sale debt securities at each year-end. (Loss amounts should be indicated with a minus sign.) 12/31/Yr. 1 12/31/2 12/319.3 Debt Investments Long-Term AFS Securities (cost) Fair value adjustment-AFS Long-Term AFS Securities (Fair value) $ 05 0$ 0

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