Amalgamated General Corporation is a consulting firm that also offers financial services through its credit division. From time to time the company buys and sells securities. The following selected transactions relate to Amalgamated's investment activities during the last quarter of 2024 and the first month of 2025. The only securities held by Amalgamated at October 1, 2024 were $55 million of 10% bonds of Kansas Abstractors, Incorporated purchased on May 1, 2024 at face value and held in Amalgamated's trading securities portfolio. The company's fiscal year ends on December 31. October 18, 2024 Purchased 2 million shares of Millwork Ventures Company common stock for $76 million. Millwork has a total of 54 million shares issued. October 31, 2024 November 1, 2024 November 1, 2024 December 1, 2024 December 20, 2024 December 21, 2024 December 23, 2024 December 29, 2024 December 31, 2024 Received semiannual interest of $2.2 million from the Kansas Abstractors bonds. Purchased 10% bonds of Holistic Entertainment Enterprises at their $18 million face value, to be held until they mature in 2034. Semiannual interest is payable April 30 and October 31. Sold the Kansas Abstractors bonds for $49 million because rising interest rates are expected to cause their fair value to continue to fall. No unrealized gains and losses had been recorded on these bonds previously. Purchased 12% bonds of Household Plastics Corporation at their $60 million face value, to be held until they mature in 2034. Semiannual interest is payable May 31 and November 30. Purchased U. S. Treasury bonds for $6.8 million as trading securities, hoping to earn profits on short-term differences in prices. Purchased 4 million shares of NXS Corporation's 68 million shares of common stock for $68 million, planning to hold these shares until market conditions encourage their sale. Sold the Treasury bonds for $7.3 million. Received cash dividends of $5 million from the Millwork Ventures Company shares of common stock. Recorded any necessary adjusting entries relating to the investments. The market price of the Millwork Ventures Company common stock was $34.50 per share and $18.50 per share for the NXS Corporation common stock. The fair values of the bond investments were $59.2 million for Household Plastics Corporation and $16.5 million for Holistic Entertainment Enterprises. January 7, 2025 Sold the NXS Corporation common stock shares for $67 million. Required: Prepare the appropriate journal entry for each transaction or event. Use one summary entry on December 31 to adjust the portfolio of equity investments to fair value. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations. Enter your answers in millions rounded to 1 decimal place, (i.e., 5,500,000 should be entered as 5.5). No 1 2 3 4 5 6 7 8 9 Date October 18, 2024 October 31, 2024 Investment in equity securities Cash Cash Answer is complete but not entirely correct. Interest revenue November 01, 2024 Investment in bonds Cash November 01, 2024 Cash November 01, 2024 Loss on investment (unrealized, NI) Fair value adjustment Loss on investment (unrealized, NI) Investment in bonds December 01, 2024 Investment in bonds Cash December 20, 2024 Investment in bonds Cash General Journal December 21, 2024 Investment in equity securities Cash December 23, 2024 Fair value adjustment Cain on Instant fumennlind kil C C ✔ C C *** o ✔ • • O · ✔ Debit 76.0- 220 18.00 6.00 49.0 6.0 60.00 6.80 68.0 0 0.50 Credit 76.00 220 18.0 6.00 55.0 60.0 68.0 6.80 9 10 December 23, 2024 Cash 13 December 23, 2024 Fair value adjustment 11 December 29, 2024 Cash 14 15 12 December 31, 2024 Interest receivable Interest revenue 16 Gain on investment (unrealized, NI) Gain on investment (unrealized, NI) Investment in bonds. January 07, 2025 Dividend revenue December 31, 2024 Interest receivable Interest revenue January 07, 2025 December 31, 2024 Loss on investment (unrealized, NI) Fair value adjustment Loss on investment (unrealized, NI) Fair value adjustment Cash Loss on investment (unrealized, NI) Investment in equity securities ›› ✔ X ♥ ✔ ✔ ✔ ✔ ✔ 30 ✔ ›› 4 3 *** 0.5 7.3 5.0 0.3 0.6 7.0 67.0 1.0 X O > 1.00 0.5 0.5 6.8 5.0 0.3 0.6 68.0 > 7.0 X Ⓡ 1.0 X