Metlock Company invests $2.810,000 in 6% fixed rate corporate bonds on January 1, 2020. All the bonds are classified as available- for-sale and are purchased at par. At year-end, market interest rates have declined, and the fair value of the bonds is now $2,929,000. Prepare journal entries for Metlock Company to (a) record the change in fair value at 12/31/20, assuming Metlock does not elect the fair value option; (b) record the transactions related to these bonds in 2020, assuming that Metlock Company elects the fair option to account for these bonds. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit G (b) Ivanhoe, Inc. purchased 1.890 shares of Oneida Corporation common stock for $93.600. During the year. Oneida paid a cash dividend of $1.10 per share. At year-end, Oneida stock was selling for $48.80 per share. Prepare Ivanhoe's journal entries to record (a) the purchase of the investment, (b) the dividends received, and (c) the fair value adjustment. (Assume a zero balance in the Fair Value Adjustment account.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter O for the amounts.) (a) Account Titles and Explanation Debit Credit (b) (c) On January 1, 2020, Tamarisk Corporation purchased 40% of the common shares of River Company for $388,000. During the year. River earned net income of $127,000 and paid dividends of $42.000. Prepare the entries for Tamarisk to record the purchase and any additional entries related to this investment in River Company in 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit (To record purchase) (To record share of dividend) Culver Construction Company began work on a $816,000 construction contract in 2017. During 2017, Culver incurred costs of $406,000, billed its customer for $326,000, and collected $246.000. At December 31. 2017, the estimated future costs to complete the project total $455,000. Prepare Archer's journal entry to record profit or loss, if any, using (a) the percentage-of-completion method and (b) the completed-contract method. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Round percent value to 2 decimal places, eg. 52.75 and final answers to O decimal places, eg. 5,275.) (a) Account Titles and Explanation Debit Credit (b) Current Attempt in Progress Pharoah Construction Inc. agrees to construct a boat dock at the Smooth Sailing Marina for $32.200. In addition, under the terms of the contract. Smooth Sailing will pay Pharoah a performance bonus of up to $8,000 based on the timing of completion. The performance bonus will be paid fully if construction is completed by the agreed-upon date. The performance bonus decreases by $1,600 per week for every week beyond the agreed-upon completion date. Pharoah has constructed a number of boat docks under similar agreements. Pharoah's management estimates, that it has a 60% probability of completing the project on time, a 20% probability of completing the project one week late, and a 20% probability of completing the project two weeks late. Management does not believe the project will be more than two weeks late. Determine the transaction price that Pharoah should compute for this agreement. Transaction Price $