On Oct. 1, 2021, the beginning of the 4 th quarter, Sooner Co. held $60 million of 10% bonds of Castor Corp., purchased on May 1,2021 at face value and beld as trading securities. The company's fiscal year ends on December 31. Listed below are transactions during the fourth quarter of 2021 relating to the company's investments. Date Transaction Oct. 18 Purchased 2 million shares of Melton Corp. common stock for $68 million. The purehase does not give Sooner significant influence as Melton bas a total of 46 million shares issued. Oct. 31 Received semiannual interest of $3.0 million from the Castor Corp. bonds. Nov, 1 Purchased 10% bonds of Hughes Corp. at their $54 million face value, to be held until they mature in 2031 . Semiannual interest is payable April 30 and October 31 . Nov, 1 Sold the Castor Corp. bonds for $56 million. No unrealired gains and losses had been recorded on these bonds previously. Dec. 1 Purchased 12% bonds of Phillips Corp, at their $50 million face value as avalable-for-sale securnties. The bonds mature in 2031 . Serniannual interest is payable May 31 and November 30. Dec, 20 Purchased U.S. Treasury bonds for $6.4 million as tradiag securities, hoping to earn profits on short-term differences in prices. Dec. 21 Purchased 4 million shares of Nelson Corp's 60 million shares of common stock for $60 million, planning to bold these shares indefinitely. Dec. 23 Sold the Treasury bonds for 56.5 million. Dec. 29 Received cash dividends of 59 million from the Melton Corp, shares of common stock. Additionally, on December 31, 2021, the company recorded any necessary adjusting entries relating to changes in fair values of the investnents. Specifically, as of December 31 : - The fair value of the Hughes Corp. bond investment was $17.5 million - The fair value of the Phillips Corp, bond investment was 547.0 million - The market price of the Melton Corp common stock was $32.50 per share - The market price of the Nelson Corp. common stock was $17.00 per share \begin{tabular}{|c|c|c|c|c|c|} \hline 1 & 9 & Dec 23, 2021 & Fair value adjustment & & \\ \hline \multirow{5}{*}{2} & & & & & \\ \hline & 10 & Dec 23, 2021 & Cash & 6.5 & 7 \\ \hline & & x & Investment in bonds & & \\ \hline & & & Fair value adjustment & & . \\ \hline & & & & & \\ \hline & 11 & Dec 29, 2021 & Cash & 9.0 & \\ \hline & & & Dividend revenue & - & 9.0 \\ \hline & & & & & \\ \hline & 12 & Dec 31,2021 & Interest receivable & 0.9 & \\ \hline & a & s. & Interest revenue & & 0.9 \\ \hline & & & & & i \\ \hline \multirow[t]{3}{*}{>} & 13 & Dec 31, 2021 & Interest receivable & 0.5 & \\ \hline & & & Interest revenue & & 0.5 \\ \hline & & & & & \\ \hline \multirow[t]{2}{*}{ i } & 14 & Dec 31, 2021 & No journal entry required & & \\ \hline & & & + & & \\ \hline & 15 & Dec 31, 2021 & Loss on investment (unrealized, NI) & 3.0 & \\ \hline & & & Fair value adjustment & & 3.0 \\ \hline & & & +1 & & . \\ \hline & 16 & Dec 31, 2021 & Loss on investment (unrealized, NI) & 5.0 & \\ \hline & & 1 & Fair value adjustment & & 5.0 \\ \hline & & + & & & \\ \hline & 17 & Dec 31, 2021 & No Transaction Recorded & & \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|} \hline Classification & \multicolumn{2}{|c|}{ Journal Entries \begin{tabular}{c} Financial \\ Statements \end{tabular}} & \\ \hline \multicolumn{4}{|c|}{ Balance Sheet (partial) } \\ \hline \multicolumn{4}{|c|}{ As of December 31, 2021} \\ \hline \multicolumn{4}{|c|}{ ( $ in millions) } \\ \hline \multicolumn{4}{|l|}{ Assets: } \\ \hline \multicolumn{4}{|c|}{ Investments in equity securities } \\ \hline \multicolumn{4}{|c|}{ Add: Fair value adjustment } \\ \hline \multicolumn{2}{|l|}{ Total } & $ & 0.0 \\ \hline \multicolumn{4}{|c|}{ Investments in bonds } \\ \hline \\ \hline \multicolumn{2}{|l|}{ Total } & $ & 0.0 \\ \hline \multicolumn{4}{|c|}{ Income Statement (partial) } \\ \hline \multicolumn{4}{|c|}{ For the year ended December 31, 2021} \\ \hline \multicolumn{4}{|c|}{ (\$ in millions) } \\ \hline \multicolumn{4}{|c|}{ Other revenue (expense): } \\ \hline \multicolumn{4}{|c|}{ Dividend revenue } \\ \hline \multicolumn{4}{|c|}{ Interest revenue } \\ \hline \multicolumn{4}{|c|}{ Net gain on investments } \\ \hline Total & & $ & 0.0 \\ \hline \end{tabular} 2. Record each transaction or year-end adjusting entry, using "Investment in bonds" or Investment in equity securities" as the name of the investment accounts. If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations. Enter answers in millions rounded to 1 decimal place, (i,e., 5,500,000 should be entered as 5.5). Entries 1217 are adjusting entries, if necessary, recorded on Dec. 31, 2021. 3. Determine the amounts reported on Sooner's 2021 financial statements: a) BALANCE SHEET: the amounts reported as assets on the balance sheet for investments in equity securities (and Fair Value Adjustment for all equity securites) and investments in debt securities (and Fair Value Adjustment for all debt securities) and b) INCOME STATEMENT, the amounts related to investments (show all gainvlosses, realized and unrealized, as a single amount called "Net gain (or loss) on investments. (Amounts to be deducted should be indicaled with a minus sign. Enter your answers in miltions rounded to 1 decimal place, (i.e., 5,500,000 should be catered as 5.5 ).)