L.O. 7-3) (Medium - 15 minutes P7-14. Initial recognition of financial assets On January 1, 2018, Investor's Club Inc. (ICI) made a number of non-strategic investments detailed below: a. The company acquired 100,000 ordinary shares in Norman Inc. for $5 cash per share plus a $10,000 transaction fee. ICI's management did not make any specific election with respect to the classification of this investment. b. ICI purchased 5,000, $25, 3.0% cumulative preferred shares in Bleay Inc. for $130,000 including transaction costs of $5,000. ICI irrevocably elected to present changes in fair value through OCI c. ICI paid $2,393,859 plus a $50,000 transaction fee for $2.5 million of 3.5% semi-annual bonds issued by Zoe Corp. that mature in five years. The effective rate of interest earned is 2.0% PER PERIOD. The objective of the company's business model for this is to hold the investment for the purpose of collecting the contractual cash flows. of type asset Required: Record the journal entries necessary to reflect the foregoing transactions. Briefly justify your chosen treatment