Problem 3 - Investments in Securities On January 1, 20X3, HIGHTOP invested cash in bonds and common stock of BIGSOX. Certain data for 203 and 204 are as follows: BIGSOX Bonds BIGSOX Common Stock Other information: 1. HIGHTOP invested in BIGSOX bonds with the intent to hold on to them for a few years, but will not hold on to them until the maturity date, so they are classified as available-for-sale. 2. HIGHTOP does not have significant influence over BIGSOX with its investment in BIGSOX common stock. 3. On October 1,20X3, HIGHTOP sold 38,500 shares of BIGSOX stock for $12.50 per share. 4. On March 31, 20X4, HIGHTOP sold 825 BIGSOX bonds for $1,020 per bond. Required: a) Prepare all the journal entries (using the account names from the slide deck from class, not your textbook) needed to account for HIGHTOP's investment in BIGSOX bonds for 20X3 and 20X4. b) Prepare all the journal entries (using the account names from the slide deck from class, not your textbook) needed to account for HIGHTOP's investment in BIGSOX common stock for 20X3 and 204. c) How much total investment income will be recognized in net income on a before-tax basis for each of the following? 20X3 BIGSOX Bonds BIGSOX Common Stock 20X4 BIGSOX Bonds BIGSOX Common Stock d) What is the ending balance in the investment account as of December 31, 203 and 204 for each of the following? 20X3 BIGSOX Bonds BIGSOX Common Stock 20X4 BIGSOX Bonds BIGSOX Common Stock