Required information [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. 3 Year 1 January 20 Purehased Johnson & Johnson bonds for $27,000. February Purchased Sony notes for $61,290. June 12 Purchased Mattel bonds for $47,000. December 31 Fair values for debt in the portfolio are Johnson & Johnson, $31,300 Sony, $50,250; and Mattel, $56.050. Year 2 April 15 sold all of the Johnson & Johnson bonds for $30,000. July 5 sold all of the Mattel bonde for $40,400. July 22 Purchased Sara Lee notes for $16,700. August 19 Purchased Kodak bonds for $19,850. December 31 Yair values for debt in the portfolio are Kodak, 519,600; Sara Lee, 518,5001 and Sony, 364,000. Year 3 February 27 Purchased Microsoft bonde for 5159,200. June 21 sold all of the Sony notes for $62,000. June 30 Purchased Black & Decker honde for $56,900. Auguet ) sold all of the Sara Lee notes for 515,600. November 1 sold all of the Kodak bonds for $24,700. December 31 Yair values for debt in the portfolio are lack & Decker, $58,5001 and Microsoft. 5159.900. 3. Complete the following table that summarizes (o) the realized gains and losses and (6) the unrealized goins or losses for the nortfolio of long-term available for sale debt securities at each ytrar-end. (Losses should be indicated by a minus sign.) August 19 Purchased Kodak bonds for $19,850. December 31 Fair values for debt in the portfolio are Kodak, $19,600; Sara Lee, $18,500; and Sony, $64,000. Year 3 February 27 Purchased Microsoft bonds for $159,200. June 21 sold all of the Sony notes for $62,800. June 30 Purchased Black & Decker bonds for 556,900. August 3 sold all of the Sara Lee notes for $15,600. November 1 Sold all of the Kodak bonds for $24,700. December 31 Fair values for debt in the portfolio are Black & Decker, $58,500; and Microsoft, $159,900. 3. Complete the following table that summarizes (a) the realized gains and losses and (b) the unrealized gains or losses for the portfolio of long-term available-for-sale debt securities at each year-end. (Losses should be indicated by a minus sign.) Answer is complete but not entirely correct. Year 1 Year 2 Year 3 Realized gains (losses) Sale of Johnson & Johnson $ 3,000 Sale of Mattel (6,600) Sale of Sony $ 1,510 Sale of Sara Leo 1.100 X Sale of Kodak 4,850 Total realized gains (losses) $ 0 $ (3,600) $ 7,460 Unrealized gains (los) of year-end $ 2,310 15,300 s 2.300 3