Munabhai Dot's upload image please Amalgamated General Corporation is a consulting firm that also offers financial services through its credit division. From time to timethe company buys and sells securities. The following selected transactions relate to Amalgamated's investment activities during thelast quarter of 2024 and the first month of 2025. The only securities held by Amalgamated at October 1, 2024 were $30 million of 10%bonds of Kansas Abstractors, Incorporated purchased on May 1, 2024 at face value and held in Amalgamated's trading securitiesportfolio. The company's fiscal year ends on December 31.October 18, 2024 Purchased 2 million shares of Hillwork Ventures Company common stock for $58 million. Millwork has atotal of 30 million shares issued.Received semiannual interest of $1.5 million from the Kansas Abstractors bonds.October 31, 2024November 1, 2024November 1, 2024December 1, 2024December 20, 2024December 21, 2024December 23, 2024December 29, 2024December 31, 2024Purchased 10% bonds of Holistic Entertainment Enterprises at their $18 million face value, to be helduntil they mature in 2034. Semiannual interest is payable April 30 and October 31.Sold the Kansas Abstractors bonds for $28 million because rising interest rates are expected to causetheir fair value to continue to fall. No unrealized gains and losses had been recorded on these bondspreviously.Purchased 12% bonds of Household Plastics Corporation at their $60 million face value, to be helduntil they mature in 2014. Seniannual interest is payable May 31 and November 30.Purchased U. S. Treasury bonds for $5.6 million as trading securities, hoping to earn profits onshort-term differences in prices.Purchased 4 million shares of XS Corporation's 50 million shares of common stock for $44 million,planning to hold these shares until market conditions encourage their sale.Sold the Treasury bonds for $5.7 million.Received cash dividends of 53 nillion from the Millwork Ventures Company shares of common stock.Recorded any necessary adjusting entries relating to the investments. The market price of the MillworkVentures Company common stock vas $27.50 per share and $11.50 per share for the NXS Corporation commonstock. The fair values of the bond investments were $58.7 million for Household Plastica Corporationand $16.7 million for Holistic Entertainment Enterprises.January 7, 2025 sold the NxScorporation common stock shares for $43.3 million.Required:Prepare the appropriate journal entry for each transaction or event. Use one summary entry on December 31 to adjust the portfolio ofequity 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 roundintermediate calculations. Enter your answers in millions rounded to 1 decimal place, (l.e., 5,500,000 should be entered as 5.5).View transaction listJournal entry worksheet9 10 11 1213 14 15 16Record the sale of the NXS Corporation common shares for $43.3 million.

Journal entryJournal entries are the accounting entries that are passed into the books of the entity…

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 $30 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 Hillwork Ventures Company common stock for $58 million. Millwork has a total of 30 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 seniannual interest of $1.5 million from the Kansas Abstractors boeds. Purchased 10% bonds of Holistic Entertainment Enterprises at their $18 million face value, to be held until they mature in 2034. Seniannual interest is payable April 30 and October 31. Sold the Kansas Abstractors bonds for $28 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. Seniannual interest is payable May 31 and November 30. Purchased U. S. Treasury bonds for $5.6 million as trading securities, hoping to earn profits on short-term differences in prices. Purchased 4 million shares of XS Corporation's 50 million shares of common stock for $44 million, planning to hold these shares until narket conditions encourage their sale. Sold the Treasury bonds for $5.7 million. Received cash dividends of $3 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 vas $27.50 per share and $11.50 per share for the XXS Corporation common stock. The fair values of the bond investments were $58.7 million for Household Plastica Corporation and $16.7 million for Holistie Entertainment Enterprises. January 7, 2025 sold the NxScorporation common stock shares for $43.3 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, (.e. 5,500,000 should be entered as 5.5). View transaction let Journal entry worksheet 10 11 12 13 14 15 16 Record the sale of the NXS Corporation common shares for $43.3 million.