Eli Fish Corp. (EFI), a passive investor, owns variousinvestments in debt and equity securities.

EFI’s policy is to prepare journal entries for adjustments andaccruals at year end. The company elects to reclassify reserves(accumulated other comprehensive income) to retained earnings uponderecognition of investments in equity securities atFVOCI-elect.

EFI engaged in various investment-related transactions asdetailed below. All interest and dividend payments were received onthe scheduled payment dates. While the resulting journal entrieswill all be entered to the nearest dollar, EFI rounds alldollar-based calculations to the nearest whole cent (for example,$50.22) and percentages to four decimal places (for example,11.9876%). You should do likewise in your supportingcalculations.

January 1, 20X1

i) EFI paid $17,500 for 500 common shares ofZoe Corp. and classified this investment at fair value throughprofit or loss (FVPL).
ii) EFI paid $24,700 for 100 preferred shares ofMeeks Inc. and irrevocably classified this investment at fair valuethrough other comprehensive income (FVOCI-elect). The preferredshares each pay a dividend of $1.00 ($100 total) annually on June30.
iii) EFI paid $102,974 for a $100,000, 5.0% couponbond issued by Zachary Ltd. that pays interest on June 30 andDecember 31 each year. The bond matures on December 31, 20X9. EFIclassified this investment at FVPL.
iv) EFI paid $176,618 for a $200,000, 3.0% couponbond issued by Belle Inc. that paysinterest on June 30 and December31 each year. The bond matures on December 31, 20X7. EFI classifiedthis investment at fair value through other comprehensive income(FVOCI).
v) EFI paid $292,189 for a $300,000, 4.0% couponbond issued by Canaan Corp. that pays interest on June 30 andDecember 31 each year. The bond matures on December 31, 20X6. EFIclassified this investment at amortized cost.

December 31, 20X1

vi) The market values of the investments wereas follows:
Zoe Corp. $17,100
Meeks Inc. $25,200
Zachary Ltd. $101,500
Belle Inc. $183,500
Canaan Corp. $287,600

January 1, 20X2

vii) EFI reclassified its investment inZachary’s bonds from FVPL to amortized cost.
viii) EFI reclassified its investments in Belle’sbonds from FVOCI to amortized cost.

January 2, 20X2

ix) EFI sold some of its investments for theprices set out below:
Zoe Corp. $17,400
Meeks Inc. $24,600
Canaan Corp. $288,000

Record all journal entries pertaining to the purchase, incomerecognition, revaluation, reclassification, and derecognition ofEFI’s investments. Separate the journal entries into those requiredin 20X1 and those required up to and including June 30, 20X2.

Ensure that the journal entries are dated and include a briefdescription of the pertinent details. Prepare a separate journalentry for each event and for each investment; supportingcalculations are to be referenced or included in thedescription.

Edit: This was all the information that was provided - no furthercoupon description or balance sheet