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Exercise 12-12 (Algo) Available-for-sale securities (LO12-1, 12-4] Colah Company purchased $2,200,000 of Jackson, Inc., 7% bonds at par on July 1, 2021, with Interest pald semi-annually. Colah determined that it should account for the bonds as an available-for-sale Investment. At December 31, 2021, the Jackson bonds had a fair value of $2.520,000. Colah sold the Jackson bonds on July 1, 2022 for $1,980,000. Required: 1. Prepare Colah's Journal entries for the following transactions: a. The purchase of the Jackson bonds on July 1. b. Interest revenue for the last half of 2021. C. Any year-end 2021 adjusting entries. d. Interest revenue for the first half of 2022 e. Any entries necessary upon sale of the Jackson bonds on July 1, 2022, Including updating the falr-value adjustment, recording any reclassification adjustment, and recording the sale. 2 Complete the following table to show the effect of the Jackson bonds on Colah's net income, other comprehensive Income, and comprehensive Income for 2021, 2022, and cumulatively over 2021 and 2022 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare Colah's journal entries for above transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answer in whole dollars, not in millions.) View transaction lat Journal entry worksheet Record the purchase of the Jackson bonds on July 1. Note: Enter debits before credits General Journal Debit Credit July 01, 2021 Record entry Clear entry View general Journal Required 1 Required 2 > Journal entry worksheet Journal entry worksheet Record the entry to adjust to fair value at year end. Note: Enter debits before credits General Journal Debit Credit Date December 31, 2021 Record entry Clear entry View general Journal Required 1 Required 2 > Journal entry worksheet Record the interest revenue for the first half of 2022. Note: Enter debits before credits General Journal Debit Credit Date June 30, 2022 Record entry Clear entry View general Journal Retired Required 2 > Journal entry worksheet Record the entry to adjust to fair value on the date of sale. Note: Enter debits before credits General Journal Debit Credit Date July 01, 2022 Record entry Clear entry View general Journal Required 1 Required 2 > Journal entry worksheet Record the entry for reclassification adjustment. Note: Enter debits before credits General Journal Debit Credit Date July 01, 2022 Record entry Clear entry View general Journal Required 1 Required 2 > Journal entry worksheet Record the sale of the Jackson bonds on July 1, 2022. Note: Enter debits before credits General Journal Debit Credit Date July 01, 2022 Record entry Clear entry View general Journal Required 1 Required 2 > Complete this question by entering your answers in the tabs below. Required 1 Required 2 Fill out the following table to show the effect of the Jackson bonds on Colah's net income, other comprehensive income, and comprehensive income for 2021, 2022, and cumulatively over 2021 and 2022. (Negative amounts should be entered with minus sign. Enter your answer in whole dollars, not in millions.) 2021 2022 Total Net Income OCI Comprehensive Income