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. Year 1 January 20 Purchased Johnson & Johnson bonds for $27,000. February 9 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, $31,300Sony, $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 bands for $40,400. July 22 Purchased Sara Lee notes for $16,700. August 19 Purchased Kodak bonds for $19.850. December 31 Tair 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 $56.900. 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, 558,5001 and Microsoft, $159,900. Required: View transaction list Journal entry worksheet Journal entry worksheet Purchased Sara Lee notes for $16,700. Note: Enter debits before credits. Date General Journal Debit Credit July 22 Record entry Clear entry View general Journal D Required information Prepare journal entries to record these transactions and the year-end fair value adjustments to the portfolio of long-term avallat sale debt securities. View transaction list Journal entry worksheet 1 2 2 3 3 5 > Purchased Kodak bonds for $19,850. Note: Enter debits before credits General Journal Debit Credit Date August 19 Record entry Clear entry View general Journal Prepare journal entries to record these transactions and the year-end falr value adjustments to the portfolio of long-te sale debt securities. View transaction list Journal entry worksheet 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. Year 1 January 20 Purchased Johnson & Johnson bonds for $27,000. February 9 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, $31,300Sony, $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 bands for $40,400. July 22 Purchased Sara Lee notes for $16,700. August 19 Purchased Kodak bonds for $19.850. December 31 Tair 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 $56.900. 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, 558,5001 and Microsoft, $159,900. Required: View transaction list Journal entry worksheet Journal entry worksheet Purchased Sara Lee notes for $16,700. Note: Enter debits before credits. Date General Journal Debit Credit July 22 Record entry Clear entry View general Journal D Required information Prepare journal entries to record these transactions and the year-end fair value adjustments to the portfolio of long-term avallat sale debt securities. View transaction list Journal entry worksheet 1 2 2 3 3 5 > Purchased Kodak bonds for $19,850. Note: Enter debits before credits General Journal Debit Credit Date August 19 Record entry Clear entry View general Journal Prepare journal entries to record these transactions and the year-end falr value adjustments to the portfolio of long-te sale debt securities. View transaction list Journal entry worksheet
