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Chuyo Colah Company purchased $1,000,000 of Jackson, Inc., 5% bonds at their face amount on July 1, 2021, with interest paid semi- annually. The bonds mature in 20 years but Colah planned to keep them for less than 3 years, and classified them as avellable for sale investments. When the bonds were acquired Colah decided to elect the fair value option for accounting for its Investment. At December 31, 2021, the Jackson bonds had a fair value of $1,200,000. Colah sold the Jackson bonds on July 1, 2022 for $900,000. a. The purchase of the Jackson bonds on July 1. b. Interest revenue for the last half of 2021. c. Any year-end 2021 adjusting entries. d. Interest revenue for the first half of 2022 e. Any entry or entries necessary upon sale of the Jackson bonds on July 1, 2022. Required: 1. Prepare Colah's journal entries for above transactions. 2. Complete the following table to show the effect of the Jackson bonds on Colah's net income, other comprehensive income, and comprehensive income for 2021 2022, and cumulatively over 2021 and 2022. mal Practice Help Save & Exit Submit Check my work mode: This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion Return to question July 01, 2021 1,000,000 Investment in bonds Cash 1,000,000 25,000 December 31, 202 Cash Interest revenue 25,000 200,000 December 31, 202 Fair value adjustment Gain on investments (unrealized, NI) 200,000 25,000 4 June 30, 2022 Cash Interest revenue 25,000 100,000 5 July 01, 2022 Loss on investments (unrealized, NI) Fair value adjustment 100,000 100,000 6 July 01, 2022 Cash Gain on investments (NI) Investment in bonds MacBook Pro Journal entry worksheet @ @ @ @ @ Record the purchase of the Jackson bonds on July 1. Book atrices Note: Enterliebits before credits. Credit Date July 01, 2021 General Journal Investment in bonds Cash Debit 1,000,000 1,000,000 Journal entry worksheet 0 20 0 0 0 0 Record the interest revenue for the last half of 2021. Book rences Note: Enter debits before credits. Credit Date General Journal December 31, 2021 Cash Interest revenue Debit 25,000 25,000 Journal entry worksheet MacBook Pro Journal entry worksheet @ @ @ @ @ Record the purchase of the Jackson bonds on July 1. Book atrices Note: Enterliebits before credits. Credit Date July 01, 2021 General Journal Investment in bonds Cash Debit 1,000,000 1,000,000 Journal entry worksheet 0 20 0 0 0 0 Record the interest revenue for the last half of 2021. Book rences Note: Enter debits before credits. Credit Date General Journal December 31, 2021 Cash Interest revenue Debit 25,000 25,000 Journal entry worksheet