Simmons Corp. starts out $2023$ with no investments. On June $1,2023,$ Simmons purchased $$1,000$ of the bonds of Shark Company for $$950($a $$50$ discount$).$ Simmons accounts for these bonds using the effective interest method, and as of December $31,2023,$ the carrying amount of the bonds is $$952.$

The fair value of the bonds on December $31,2023$ is $$900.$

Required:

Provide the account balances for the following accounts prior to any closing entries $($it could be helpful to use t$-$accounts to track these facts$)$:

Investment in Shark Company Bonds $($asset$)$:

FV adjustment $-$ Shark Company Bonds $($contra$-$asset$)$:

Realized g$/$l on investments:

Unrealized g$/$l on investments $-$ OCI:

Accumulated Other Comprehensive Income:

What closing entry$($ies$)$ would Simmons have to make on December $31,2023$ related to its investment in Shark Company Bonds?

What would be the balance of Accumulated Other Comprehensive Income after the closing entry in $($b$)?$

What would be the balance of unrealized g$/$l on investments after the closing entry in $($b$)?$

What journal entry$($ies$)$ would Simmons make if they sold the bonds on January $1,2024?($Ignore any interest that accrues during the day on January $1).$