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, Inc., 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.

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.

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2024 Oct. 18 31 Nov. 1 1 Dec. 1 20 21 23 29 31 2025 Jan. 7 Purchased 2 million shares of Millwork Ventures Company common stock for $58 million. Millwork has a total of 30 million shares issued. Received semiannual interest of $1.5 million from the Kansas Abstractors bonds. Purchased 10% bonds of Holistic Entertainment Enterprises at their $18 million face value, to be held until 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 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. Semiannual 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 NXS 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 $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 was $27.50 per share and $11.50 per share for the NXS Corporation common stock. The fair values of the bond investments were $58.7 million for Household Plastics Corporation and $16.7 million for Holistic Entertainment Enterprises. Sold the NXS Corporation common stock shares for $43.3 million.