Question & Answer: Help Save& Exit Submit Amalgamated General Corporation is a consulting firm that also offers financial services thr…..

Help Save& Exit Submit 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 last quarter o 20 and he st month of 2019. The only securities held by Amalgam tedat October 1 ere $40 mil of 10% bonds gamat of Kansas Abstractors, Inc. purchased on May 1 at face value and held in Ámalgamated’s trading portfolio. The company’s fiscal year during the ends on December 31 2018 Oct. 18 Purchased 2 million preferred shares of Mi1lwo 31 rk Ventures Company for $56 million. Received seniannual interest of $1.6 million from the Kansas Abstractors mature in 2025. Semiannual interest is pay value to continue to fall. No unrealized gains and losses had been recorded on these bonds previously mature in 2028. Semiannual interest is payable May 31 and November 30. differences in prices gains if prevailing market conditions encourage sale Nov. 1 Purchased 108 bonds of istic Entertainment Enterprises at their $18 million face value, to be held until they Enterprises at able April 30 and October 31 million because rising intereat rates are expected to cause their tair 1 Sold the Kansas Ab stractors bonds for $36 ed 128 bonds of Household Plastics Corporation at their $50 million face value, to be held until they es 20 Purchased u. S. Treasury bonds for $5.8 million as trading securities, hoping to earn profits on short-ter 21 Purchased 4 miliion common shares of Nxs corporation for $48 million, planning to earn profits from dividends or 23 Sold the Treasury bonds for $6.0 million. 29 Rece Millvork Ventures Company preferred shares 31 Recorded any necessary adjusting entry(s) and closing entries relating to the investments. The narket price of ived cash dividends of $3 million from the the Millwork Ventures Company common. The fair values of the bond investments vere $59.7 million for Household Plastics Corporation and $16.9 preferred stock was $24.50 per share and $14.00 per share for the NXS Corporation million for Holistic Entertainment Enterprises. 2019 Jan. 7 Sold the NxS Corporation common shares for $46 million. Required: Prepare the appropriate journal entry for each transaction or e entry required” in the first account field. Do not round intermediate calculations. Enter your answers in millions decimal place, (i.e., 5,500,000 should be entered as 5.5).) event, select “No journal KPrex 3 of 5 Next