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D 'onnect E] htips eztomheducatloncom '- AF'erfcrrmance EMail berry Home N Blackboard a ' liege EMail in [in Indeed Thnft SaVII'L '- Other lavarites Chapter 12 0 Saved Help Save 3. Exit Submit 1O Amalgamated General Corporation is a consulting rm that also offers financial services through its credit division. From time to time A the company buys and sells securities. The following selected transactions relate to Amalgamated's investment activities during the last quarter of 2021 and the first month of 2022. The only securities held by Amalgamated at October 1. 2021 were $35 million of10% bonds of Kansas Abstractors, lnc., purchased on May 1, 2021 at face value and held in Amalgamated's trading securities portfolio. The Z company's scal year ends on December 31. polnts 2921 Oct. 13 Purchased 2 million shares of Millwork Ventures Company common stock For $55 million. Millwork has a total of 32 million shares issued. 9300K 31 Received semiannual interest of $2.1 million rrom the Kansas Abstractors bonds. Nov. 1 Purchased 18% bonds of Holistic Entertainment Enterprises at their $13 million Face value, to be held until they mature in PM 2931. Semiannual interest is payable April 39 and October 31. 1 Sold the Kansas Abstractors bonds For $32 million because rising interest rates are expected to cause their fair value to continue to fall. No unrealized gains and losses had been recorded on these bonds previously. Dec. 1 Purchased 12% bonds of Household Plastics Corporation at their $59 million face value, to be held until they mature in 2931. Semiannual interest is payable May 31 and November as. 29 Purchased u. 5. Treasury bonds for $5.7 million as trading securities, hoping to earn profits on shortsterm differences in prices. 21 Purchased 4 million shares of NXS Corporation's 16 million shares of common stock for $116 million, planning to hold these shares until market conditions encourage their sale. 23 Sold the Treasury bonds for $5.8 million. 29 Received cash dividends of $5 million from the Milluork Ventures Company shares of common stock. 31 Recorded any necessary adjusting entries relating to the investments. The market price or the Millwork Ventures Company common stock was $25.33 per share and $12.50 per share For the Nxs Corporation common stock. The fair values of the bond investments were $59.1 million for Household Plastics Corporation and $15.8 million for Holistic Entertainment Enterprises. 2622 Jan. 7 Sold the MXS Corporation common stock shares for $45 million. Required: Prepare the appropriate journal entry for each transaction or event. Use one summary entry on December 31 to adjust the portfolio of equity investments to fair value. (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 your answers in millions rounded to 1 decimal place, (i.e.. 5.500.000 should be entered as 5.5).) v
