Clarke Investments completed the following investment transactions during 2024: Click the icon to view the investment transactions.) Read the requirements Requirement 1. Journalize Clarke's investment transactions. Explanations are not required. (Record debits first, then credits. Select the explanation on the last line of the journal entry table. If no entry is required, select "No entry required" on the first line of the Accounts and explanation column and leave the remaining cells blank.) Begin by journalizing Clarke's investment on January 5, 2024 Date Accounts and Explanation Debit Credit 2024 Jan. 5 X i More Info 2024 Jan. 5 Purchased Volcano Company's $550,000 bond at face value. Clarke classified the investment as available-for-sale. The Volcano bond pays interest at the annual rate of 8% on June 30 and December 31 and matures on December 31, 2028. Management's intent is to keep the bonds for several years. Received an interest payment from Volcano. Received an interest payment from Volcano. Adjusted the investment to its current market value of $540,500. Jun. 30 Dec. 31 Dec. 31 Print Done X i i Requirements 1. Journalize Clarke's investment transactions. Explanations are not required. 2. Prepare a partial balance sheet for Clarke's Volcano investment as of December 31, 2024. 3. Prepare a comprehensive income statement for Clarke Investments for year ended December 31, 2024. Assume net income was $260,000. Print Done