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 $$25,500.$

February $9$ Purchased Sony notes for $$59,940.$

June $12$ Purchased Mattel bonds for $$45,500.$

December $31$ Fair values for debt in the portfolio are Johnson & Johnson, $$29,500$; Sony, $$49,350$; and Mattel, $$54,750.$

Year $2$

April $15$ Sold all of the Johnson & Johnson bonds for $$28,500.$

July $5$ Sold all of the Mattel bonds for $$39,350.$

July $22$ Purchased Sara Lee notes for $$15,500.$

August $19$ Purchased Kodak bonds for $$18,800.$

December $31$ Fair values for debt in the portfolio are Kodak, $$19,075$; Sara Lee, $$17,000$; and Sony, $$62,000.$

Year $3$

February $27$ Purchased Microsoft bonds for $$159,800.$

June $21$ Sold all of the Sony notes for $$61,600.$

June $30$ Purchased Black & Decker bonds for $$55,400.$

August $3$ sold all of the Sara Lee notes for $$14,250.$

November $1$ Sold all of the Kodak bonds for $$23,725.$

December $31$ Fair values for debt in the portfolio are Black & Decker, $$57,600$; and Microsoft, $$159,600.$