Problem 15-2A (Algo) Recording, adjusting, and reporting available-for-sale debt securities LO P3 [The following information applies to the questions displayed below.] Mead Incorporated 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 January 20 Purchased Johnson 8 Johnson bonds for $28,500. February 9 Purchased Sony notes for $62,640 June 12 Purchased Mattel bonds for $48,500. December 31 Foir values for debt in the portfolio are Johnson 8 Johnson, $31,100,50ny,$53,150; and Matte 1 , \$56,950. Yeor 2 April 15 Sold all of the Johnson 8 Joheson bends for $3,500. Jaly 5 sold 411 of the Mattel bonds for $41,450. July 22 Purchased Sara tee notes for $19,900. August 19 Purchased Kodak bonds for $20,900. Decesber 31 Fair values for dobt in the portfollo are Kodak, \$22,125; Sara Lee, \$20,000; and 5ony, \$6i4,000. Yeor 3 February 27 Purchased Microsoft bonds for $159,6e0. June 21 \$old all of the Sony notes for $64,000. June 30 Purchased Black 8 Decker bonds for $58,400. August 3 Sold all of the Sara tee notes for $16,950. Novenber 1 sold all of the Kodak bonds for $25,675. Decenber 31 Fair values for debt in the portfolio are Black 8 Decker, \$59,460; and Microsoft, $160,200. equired: - Prepare journal entries to record these transactions and the year-end fair value adjustments to the portfolio of long-term availableor-sale debt securities. Complete this question by entering your answers in the tabs below. Prepare journal entries to record these transactions and the year-end fair value adjustments to the portfolio of long-term available-forsale debt securities. Journal entry worksheet Purchased bonds of Johnson \& Johnson for $28,500