IotaI

$$1,\frac{1}{\frac{?}{{?}_{,}}}7JU,$$$1,\frac{1}{\frac{?}{{?}_{,}}}7JU$

All transactions and adjustments for $2021$ have been recorded and reported in the trial balance except for the items described below.

Jan. $7$ Issued $1,200$ preferred shares for $$25,000.$ In total, $100,000,$ $$2,$ noncumulative, convertible, preferred shares are authorized. Each

Mar. $16$ Purchased $800$ common shares of Osborne Inc., to be held for trading purposes, for $$25$ per share.

July $1$ Purchased $$100,000$ Solar Inc. $10-$year, $5\%$ bonds at $108\mathrm{.}2,$ when the market interest rate was $4\%.$ Interest is received semi$-$annually on July $1$ and January $1.$ Wildhorse purchased the bonds to earn interest.

Aug. $2$ Sold the Osborne common shares for $$26$ per share.

$5$ Invested $$20,000$ in a money$-$market fund.

Sept. $25600$ of the preferred shares issued on January $7$ were converted into common shares.

Oct. $24$ Cashed in the money$-$market fund, receiving $$20,000$ plus $$200$ interest.

Nov. $30$ Obtained a $$50,000$ bank loan by issuing a three$-$year, $6\%$ note payable. Wildhorse is required to make equal blended payments of $$1,521$ at the end of each month. The first payment was made on December $31.$ Note that at December $31,$ $$15,757$ of the note payable is due within the next year.

Dec. $1$ Declared the annual dividend on the preferred shares on December $1$ to shareholders of record on December $23,$ payable on January $15.$

$31$ Wildhorse owns $40\%$ of RES. RES earned $$21,100$ and paid dividends of $$1,700$ in $2021.$ The fair value of the RES investment was $$98,000.$

$31$ Semi$-$annual interest is receivable on the Solar Inc. bonds on January $1,2022.$ The bonds were trading at $106$ on December $31,2021.$

$31$ The annual interest is due on the bonds payable on January $1,2022.$ The par value of the bonds is $$130,000$ and the bonds were issued when the market interest rate was $7\%.$

$31$ The fair value of the long$-$term investment at FVTOCI$-$equity was $$28,400.$ Ignore income tax calculation.