Remaining Time: 1 hour, 14 minutes, 12 seconds. Question Completion Status: Case No. 2: (6 marks) Read the following case and then use your knowledge, skills and critical thinking to answer the questions below: You are hired to work as an accountant at Canadian Company which has an active trading strategy for det investments Canadian Company engaged h purchasing and selling several debt investments to make profits On December 31, 2018, the company had 3 debit Investments as follows Ottawa Company 7% Bonds, the amortized cost is $620,000 Montroal Company 8% Bonds, the amortized cont in $1,050,000 Toronto Company 6% Bonds, the amortized cost is $830,000 If the market values of Ottawa Company, Montreal Company, and Toronto Company debt vestments on December 31, 2018 were 5608,000 $107.000 $826,000, respectively Required 1: Prepare the debt investments portfolio for Canadian Company on December 31, 2018, and prepare the adjusting entry on the data? Required 2: Assume that Canadian Company sold Montreal Company 8% Bonds on April 1, 2019 for S1038,000 at that time the amortized cont was 51,042,000 Preparv the journal entry to record this transaction Required 3: If the market values of Ottawa Company, and Toronto Company debt investments on December 31, 2019 were 5610,000 $814,000 respectively, and the amortized costs at that date were $616,000 5804 000, respectively. How much the balance of debt investments should be reported on the statement of financial position on December 31, 2019? T. For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac) 1 .. 11