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 $28,200. February 9 Purchased Sony notes for $64,899. June 12 Purchased Mattel bonds for $50,500. December 31 Fair values for debt in the portfolio are Johnson \& Johnson, $33,500; Sony, $53,350; and Mattel, $58,750. Year 2 April 15 Sold all of the Johnson \& Johnson bonds for $33,500. July 5 sold atl of the Mattel bonds for $42,850. July 22 Purchased Sara Lee notes for $20,500. August 19 Purchased Kodak bonds for $22,300. Decenber 31 Fair values for debt in the portfolio are Kodak, $22,825; Sara Lee, $22,060; and 50ny, $66,060. Year 3 February 27 Purchased Microsoft bonds for $159,800. June 21 Sold atl of the Sony notes for $65,600. June 30 Purchased Black & Decker bonds for $60,400. August 3 Sold all of the Sara lee notes for $18,750. November 1 Sold all of the Kodak bonds for $26,975. December 31 Fair values for debt in the portfolio are Black \& Decker, $60,600; and Microsoft, $160,6e0. Required: 1. Prepare journal entries to record these transactions and the year-end fair value adjustments to the portfolio of long-term availablefor-sale debt securities. * Answer is not complete. Complete this question by entering your answers in the tabs below