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 8 Johnson bonds for 524,500 . February 9 Purchased sony notes for \$59, 09e. June 12 purchayed Mattel bonds for 544,500 . becenber 31 Fair volues for debt in the portfolio are Johnson \& Johnson, 526, 300: Sony, 549,750; and Mattel, 554,550. Year 2 April is sold al1 of the Johinson 5 Johnson bonds for $27,500. July 5 sold all of the Mattel bonds for 538,650 . July 22 purchased 5 tara lee notes for $16,700. August 19 Purchased Kodak bonds for $18,100. Deceaber 31 Falr values for debt in the portfolio are Kodak, 510,725: 5ara tee, \$16, 000; and 5ony, \$62, 900 . Year 3 February 27 purchased Microsoft bonds for 3161,200. Juhe 21 5old all of the sony notes for %60, soo. June 30 Purchased Black s Decker bonds for $54,400. August 3 sold al1 of the sara tee notes for \$13,350. november i sold a11 of the kodak bonds for 323,675. Decenber 31 fair values for debt in the portfollo are 61ack \& Decker, 537 , e99s and Hicrosoft, $159,400. Required: 1. Prepare joumal entries to record these transactions and the year-end fair value adjustments to the portfolio of long-term availablefor-sale debt securities Complete this question by entering your answers in the tabs below. June 30 Purchased Black \& Decker bonds for $54,400. August 3 sold al1 of the sara lee notes far 513,350. November 1 sold all of the Kodak bonds for $23,975. December 31 Fair values for debt in the portfollo are Black \& Decker, \$57, 0e6: and Microsoft, \$159,400. Required: 1. Prepare journal entries to record these transactions and the year-end fair value adjustments to the portfolio of long-term ave for-sale debt securities. Complete this question by entering your answers in the tabs below. Prepare journal entries to record these transactions and the year-end fair value adjustments to the portfolio of long-term available sale debt securities. Journal entry worksheet Sold all of the Johnson 8 Johnson bonds for $27,500. Note: Enter debits before credits. June 30 Wurchased Black 5 Decker bonds for $54,400. August 3 .5old all of the Sara tee notes for $13,350 Novenber 1 - sold a11 of the Kodok bonds for 123,975 . Deceaber 31 Fair values for debt in the portfollo are nlack 8 Decker, 557, ee?; and microsoft, 5159 , 400. Required: 1. Prepare journal entries to record these transactions and the year-end fair value adjustments to the portfolio of Iong-term availablefor-sale debt securtiles Complete this question by entering your answers in the tabs below. Prepare journal entries to record theso transactions and the year-end fair value adjugtments to the portfolio of long-term available-forsale debt securities. Journal entry worksheet June 30 Punchased 8lack 8 Decker bonds for $54,499. August 3 sold all of the sara lee notes for 513,359 . Noveaber 1 sold a11 of the Kodak bonds for 523,975 . Deceeber 31 Fair values for debt in the portfolio are black 8 Decker, $57,600; and Mierosoft; $159,406. Required: 1. Prepare joumal entries to record these-transactions and the year-end fair value adjustments to the portfolio of Iong-term availablefor-sale debt securities. Complete this question by entering your answers in the tabs below. Prepare journal entries to record these transactions and the yearend fair value adjustments to the portfolio of long-term available-forsale debt securities. June 30 Purchased 8 lack 5 Decker bonds for 554,400. August 3 sold all of the Sara tee notes for $13,350. Novenber 1 sold all of the Kodak bends for $23,075. December 31 Fair values for debt in the portfolto are Elock a Decker, 557, 000; and Microsoft, 5159 , 46e. 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. Complete this question by entering your answers in the tabs below. Prepare journal entries to record these transactions and the year-end fair value adjustments to the portfolio of long-term avaliable-forsale debt securities. Journal entry worksheet June 30 Purchased Black \& Deckee bonds for $54,409. August 3 . Sold al1 of the sara lee, notes for $13,359. Novenber 1 Sold all of the Kodok bonds for $23,075. Deceeber 31 Fain values for debt in the portfolio are 6lack \& Deckec, 557, 000; and Microsoft, 5159,400 , Required: 1. Prepare joumal entries to record these transactions and the year-end fair value adjustments to the portfolio of long-term available. for-sale debt securities. Complete this question by entering your answers in the tobs below. Prepare journal entries to record these transactions and the year-end faic value adjustments to the portfolio of long-term avaitable-forsale debt securities. Journal entry worksheet Fair values for debt in the portfolio are: Kodak, \$18,725; Sura Lee, \$16,000; and Sony, $62,000. Notet Enter dehats before credita
