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please make sure the whole answer is visible when posted, thank you in advance :) The following information applies to the questions displayed below! Mead
please make sure the whole answer is visible when posted, thank you in advance :)
The following information applies to the questions displayed below! Mead Inc 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 Jan. 20 Purchased Johnson & Johnson bonds for $27, cee. Feb. 9 Purchased notes of Sony for 561,298 June 12 Purchased bonds of Mattel for $47,000 Dec.31 Fair values for debt in the portfolio are Johnson & Johnson, $33,300; Sony, 550,25e; and Mattel, 556,50 Year 2 Apr. 15 Sold all of the bonds of Johnson & Johnson for $30,000 July 5 sold all of the bonds of Mattel for $48,42e. July 22 Purchased notes of Sara Lee for $16,700 Aug. 19 Purchased bonds of Kodak for $19,850. Dec. 31 Fair values for debt in the portfolio are Kodak, $19,500: Sara 318 Send Sony, 564, Year 3 Feb. 27 Purchased bonds of Microsoft For $159,200 June 21 sold all of the notes of Sony for $62,800 June 3 Purchased bonds of Black & Decker for $55,988 Aug, 3 sold all of the notes of Sara Lee for $15,600 ov 1 Sold all of the bonds of Kodak for $24,700. Dec. 1 Fair values for debt in the portfolio are Black & Decker SS, see and Microsoft. 5159,900 Required: 1. Prepare journal 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 tabs below. Vear 1 Year 2 Year 3 Prepare journal entries to record these transactions and the year-end fair value adjustments to the portfolio of long-term available-for- sale debt securities. View transaction kest Journal entry worksheet Step by Step Solution
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