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 $29,500. February 9 Purchased Sony notes for S63,540. June 12 Purchased Mattel bonds for $49,500. December Fair values for debt in the portfolio are Johnson & Johnson, $32,300; Sony, $55,750; and 31 Mattel, $57,850. Year 2 April 15 Sold all of the Johnson & Johnson bonds for S32,500. July 5 Sold all of the Mattel bonds for $42,150. July 22 Purchased Sara Lee notes for $18,700. August 19 Purchased Kodak bonds for $21,600. December Fair values for debt in the portfolio are Kodak, $22,475; Sara Lee, $21,000; and Sony, 31 $65,000. Year 3 February 27 Purchased Microsoft bonds for $158,200. June 21 Sold all of the Sony notes for $64,800. June 30 Purchased Black & Decker bonds for $59,400. August 3 Sold all of the Sara Lee notes for S17,850. November 1 Sold all of the Kodak bonds for $26,325. December 31 Fair values for debt in the portfolio are Black & Decker, $60,000; and Microsoft, $160,400. 3. Complete the following table that summarizes (a) the realized gains and losses and (b) the unrealized gains or losses for the portfolio of long-term available-for-sale debt securities at each year-end. (Losses should be indicated by a minus sign.) Year 1 Year 2 Year 3 Realized gains (losses) Sale of Johnson & Johnson Sale of Mattel Sale of Sony Sale of Sara Lee Sale of Kodak Total realized gains (losses) 2$ 0 $ 0 $ Unrealized gains (losses) at year-end 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 $29,500. February 9 Purchased Sony notes for S63,540. June 12 Purchased Mattel bonds for $49,500. December Fair values for debt in the portfolio are Johnson & Johnson, $32,300; Sony, $55,750; and 31 Mattel, $57,850. Year 2 April 15 Sold all of the Johnson & Johnson bonds for S32,500. July 5 Sold all of the Mattel bonds for $42,150. July 22 Purchased Sara Lee notes for $18,700. August 19 Purchased Kodak bonds for $21,600. December Fair values for debt in the portfolio are Kodak, $22,475; Sara Lee, $21,000; and Sony, 31 $65,000. Year 3 February 27 Purchased Microsoft bonds for $158,200. June 21 Sold all of the Sony notes for $64,800. June 30 Purchased Black & Decker bonds for $59,400. August 3 Sold all of the Sara Lee notes for S17,850. November 1 Sold all of the Kodak bonds for $26,325. December 31 Fair values for debt in the portfolio are Black & Decker, $60,000; and Microsoft, $160,400. 3. Complete the following table that summarizes (a) the realized gains and losses and (b) the unrealized gains or losses for the portfolio of long-term available-for-sale debt securities at each year-end. (Losses should be indicated by a minus sign.) Year 1 Year 2 Year 3 Realized gains (losses) Sale of Johnson & Johnson Sale of Mattel Sale of Sony Sale of Sara Lee Sale of Kodak Total realized gains (losses) 2$ 0 $ 0 $ Unrealized gains (losses) at year-end 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 $29,500. February 9 Purchased Sony notes for S63,540. June 12 Purchased Mattel bonds for $49,500. December Fair values for debt in the portfolio are Johnson & Johnson, $32,300; Sony, $55,750; and 31 Mattel, $57,850. Year 2 April 15 Sold all of the Johnson & Johnson bonds for S32,500. July 5 Sold all of the Mattel bonds for $42,150. July 22 Purchased Sara Lee notes for $18,700. August 19 Purchased Kodak bonds for $21,600. December Fair values for debt in the portfolio are Kodak, $22,475; Sara Lee, $21,000; and Sony, 31 $65,000. Year 3 February 27 Purchased Microsoft bonds for $158,200. June 21 Sold all of the Sony notes for $64,800. June 30 Purchased Black & Decker bonds for $59,400. August 3 Sold all of the Sara Lee notes for S17,850. November 1 Sold all of the Kodak bonds for $26,325. December 31 Fair values for debt in the portfolio are Black & Decker, $60,000; and Microsoft, $160,400. 3. Complete the following table that summarizes (a) the realized gains and losses and (b) the unrealized gains or losses for the portfolio of long-term available-for-sale debt securities at each year-end. (Losses should be indicated by a minus sign.) Year 1 Year 2 Year 3 Realized gains (losses) Sale of Johnson & Johnson Sale of Mattel Sale of Sony Sale of Sara Lee Sale of Kodak Total realized gains (losses) 2$ 0 $ 0 $ Unrealized gains (losses) at year-end 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 $29,500. February 9 Purchased Sony notes for S63,540. June 12 Purchased Mattel bonds for $49,500. December Fair values for debt in the portfolio are Johnson & Johnson, $32,300; Sony, $55,750; and 31 Mattel, $57,850. Year 2 April 15 Sold all of the Johnson & Johnson bonds for S32,500. July 5 Sold all of the Mattel bonds for $42,150. July 22 Purchased Sara Lee notes for $18,700. August 19 Purchased Kodak bonds for $21,600. December Fair values for debt in the portfolio are Kodak, $22,475; Sara Lee, $21,000; and Sony, 31 $65,000. Year 3 February 27 Purchased Microsoft bonds for $158,200. June 21 Sold all of the Sony notes for $64,800. June 30 Purchased Black & Decker bonds for $59,400. August 3 Sold all of the Sara Lee notes for S17,850. November 1 Sold all of the Kodak bonds for $26,325. December 31 Fair values for debt in the portfolio are Black & Decker, $60,000; and Microsoft, $160,400. 3. Complete the following table that summarizes (a) the realized gains and losses and (b) the unrealized gains or losses for the portfolio of long-term available-for-sale debt securities at each year-end. (Losses should be indicated by a minus sign.) Year 1 Year 2 Year 3 Realized gains (losses) Sale of Johnson & Johnson Sale of Mattel Sale of Sony Sale of Sara Lee Sale of Kodak Total realized gains (losses) 2$ 0 $ 0 $ Unrealized gains (losses) at year-end