(Solved): Amalgamated General Corporation is a consulting firm that also offers financlal services through its ...

Amalgamated General Corporation is a consulting firm that also offers financlal 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

million of

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

million. Millwork has a total of 62 million shares issued. October 31,2024 Received semiannual interest of

million from the Kansas Abstractors bonds. November 1, 2024 Purchased

bonds of Holistic Entertainment Enterprises at their

million face value, to be held until they mature in 2034. Semiannual interest is payable April 30 and october 31. November 1,2024 sold the Kansas Abstractors bonds for

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. December 1, 2024 Purchased

bonds of Household Plastics Corporation at their

million face value, to be held until they mature in 2034. Semiannual interest is payable May 31 and November 30. December 20,2024 Purchased U. S. Treasury bonds for

million as trading securities, hoping to earn profits on short-term differences in prices. December 21,2024 Purchased 4 million shares of NXS Corporation's 48 million shares of common stock for

million, planning to hold these shares until market conditions encourage their sale. December 23,2024 sold the Treasury bonds for

million. December 29,2024 Received cash dividends of

million from the Millwork ventures company shares of cormon stock. December 31,2024 Recorded any necessary adjusting entries relating to the investments. The market price of the Millwork ventures company common stock was

per share and

per share for the NXS Corporation common stock. The fair values of the bond investments were

million for Household Plastics corporation and

million for Holistic Entertainment Enterprises. January 7,2025 sold the NXS Corporation common stock shares for

million. Required: Prepare the approprlate Journal entry for each transaction or event. Use one summary entry on December 31 to adjust the portfollo of equity investments to falr value. Note: If no entry is required for a trensaction/event, select "No Journal entry required" In the flrst account fleld. Do not round Intermedlate calculations. Enter your answers In milllons rounded to 1 decimal place, (1.e., 5,500,000 should be entered as 5.5). View transaction list View journal entry worksheet