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 relote to Amalgamoted's investment activities during the last quarter of 2021 and the first month of 2022 The only securities held by Amalgamated at October 1, 2021 were $40 million of 10% bonds of Kansas Abstractors, Inc., purchased on May 1, 2021 at face value and held in Amalgamated's trading securities portfolio. The company's fiscal year ends on December 31 2821 Oct. 18 Purchased 2 million shares of Millwork Ventures Company common stock for $58 million Millwork has a total of 34 million Shores issued. 31 Received semiannual interest of $1.6 million from the Kansas Abstractors bonds Nov 1 Purchased 10% bonds of Holistic Entertainment Enterprises at their $18 million face value, to be held until they mature is 2031. Semiannual interest is payable April 30 and October 31. 1 Sold the Kansas Abstractors bonds for $36 million because rising interest rates are expected to cause their fair value to continue to fall to unrealized gains and losses had been recorded on these bonds previously. Dec 1 Purchased 125 bonds of Household Plastics Corporation at their 56 million face value, to be held until they mature in 2031. Semiannual interest is payable May 31 and November 30. 20 Purchased U. S. Treasury bonds for $5.8 millon as trading securities, hoping to earn profits on short-term inferences prices. 21 purchased 4 million shares of nxs Corporation's 48 million shares of common stock for $48 million, planning to hold these Shares until market conditions encourage their sole. 20 Sold the Treasury bonds for 56.0 million. 29 Seceived cash dividends of $9 million from the Millwork Ventures company shares of common stock. 31 Recorded any necessary adjusting entries relating to the investments. The market price of the work Ventures Company common stock was $24.58 per share and $16.00 per here for the fixs Corporation common stock. The fair values of the bond Investments were $58.7 million for Household Plastics Corporation and $26.4 dllion for Holistic Entertainment Enterprises 2022 Jan. 7. Sold the corporation common stock shares or $46 11on Required: Prepare the appropriate journal entry for each transaction or event Use one summary entry on December 31:10 adjust the portfolio of Record the entry to adjust the securities to fair value, Note: Enter debits before credits Credit Date General Journal Dec 31, 2021 Loss on investment (unrealized NI) Fair value adjustment Debit 371