Tiger had the following transactions relating to its investments during the current fiscal year. Tiger uses the effective interest method of amortization of premiums or discounts when applicable. (Click the icon to view the investment information.) Required Provide all journal entries required relating to these investments on July 1 and December 31, including any journal entries required relating to the change in fair value for the year. (If no journal entry is required relating to the change in fair value, state so by selecting "No entry required" on the first line of the Accounts column and eaving all other cells blank. Record debits first, then credits. Explanations are not required.) a. Start by recording the journal entries appropriate for Tiger's investment in the government bond. Begin by recording the journal entry for the purchase of the bond. More Info Date Accounts Debit Credit Jul. 1 a. Next, prepare a compound entry to record the interest revenue earned and due on the bond at December 31. (Round to the nearest dollar.) On July 1, Tiger acquired a $700,000, 16%, 4-year government bond with interest paid semi-annually on January 1 and July 1. Because the market rate of interest was 12% on that date, Tiger paid $786,937 for the bond. The bonds were classified as amortized cost by Tiger and had a fair value of $720,000 plus accrued interest on December 31. b. On July 1, Tiger acquired 10,000 shares of Elephant at a price of $20 per share. On December 31, dividends of $3.00 per share were declared with an expected date of payment 15 days later. On December 31, the value of the Elephant shares had increased to $21 per share. The shares are classified as fair value through profit or loss by Tiger. On July 1, Tiger acquired 45,000 shares (20%) of the outstanding shares of Koala at a price of $7 per share, giving it significant influence over Koala. Koala had net income of $550,000 for the six months ended December 31, and declared and paid dividends of $280,000 to its shareholders on December 31. On December 31, Koala's shares had a fair value of $8 per share Date Accounts Debit Credit Dec. 31 c. Prepare any journal entry required relating to the change in fair value of the bond as of December 31. Date Accounts Debit Credit Dec. 31 Print Done Done x More Info b. Now let's record the journal entries appropriate for Tiger's investment in shares of Elephant. Begin by recording the journal entry for the purchase of the shares of Elephant. Date Accounts Debit Credit a. Jul. 1 Prepare the entry to show the December 31, dividends declared on the shares of Elephant. On July 1, Tiger acquired a $700,000, 16%, 4-year government bond with interest paid semi-annually on January 1 and July 1. Because the market rate of interest was 12% on that date, Tiger paid $786,937 for the bond. The bonds were classified as amortized cost by Tiger and had a fair value of $720,000 plus accrued interest on December 31. b. On July 1, Tiger acquired 10,000 shares of Elephant at a price of $20 per share. On December 31, dividends of $3.00 per share were declared with an expected date of payment 15 days later. On December 31, the fair value of the Elephant shares had increased to $21 per share. The shares are classified as fair value through profit or loss by Tiger. c. On July 1, Tiger acquired 45,000 shares (20%) of the outstanding shares of Koala at a price of $7 per share, giving it significant influence over Koala. Koala had net income of $550,000 for the six months ended December 31, and declared and paid dividends of $280,000 to its shareholders on December 31. On December 31, Koala's shares had a fair value of $8 per share Date Accounts Debit Credit Dec. 31 Prepare any journal entry required relating to the change in fair value of the shares of Elephant as of December 31. Date Accounts Debit Credit Print Done Dec. 31 Start by recording the journal entry for the purchase of the shares of Koala. x More Info Date Accounts Debit Credit Jul. 1 Next, prepare any entry for Tiger related to Koala's earning net income of $550,000 for the six months ended December 31. Date Accounts Debit Credit a. On July 1, Tiger acquired a $700,000, 16%, 4-year government bond with interest paid semi-annually on January 1 and July 1. Because the market rate of interest was 12% on that date, Tiger paid $786,937 for the bond. The bonds were classified as amortized cost by Tiger and had a fair value of $720,000 plus accrued interest on December 31. b. On July 1, Tiger acquired 10,000 shares of Elephant at a price of $20 per share. On December 31, dividends of $3.00 per share were declared with an expected date of payment 15 days later. On December 31, the fair value of the Elephant shares had increased to $21 per share. The shares are classified as fair value through profit or loss by Tiger. c. On July 1, Tiger acquired 45,000 shares (20%) of the outstanding shares of Koala at a price of $7 per share, giving it significant influence over Koala. Koala had net income of $550,000 for the six months ended December 31, and declared and paid dividends of $280,000 to its shareholders on December 31. On December 31, Koala's shares had a fair value of $8 per share. Dec. 31 Prepare any entry related to Koala's declaration and payment of dividends of $280,000 to its shareholders on December 31. Date Accounts Debit Credit Dec. 31 Print Done Finally, prepare any journal entry required relating to the change in fair value of the Koala shares as of December 31. Date Accounts Debit Credit Dec. 31