$\backslash$table$[[$No$,$Date,General Journal,Debit,Credit$],[1,\backslash$table$[[$December $12,],[2024]],$Investment in bonds,$19\mathrm{.}0,],[,$Cash,,$19\mathrm{.}0],[,,,,],[2,\backslash$table$[[\backslash$table$[[$December $13,],[2024]]]],$Investment in equity securities$,36\mathrm{.}0,],[,$Cash,,$36\mathrm{.}0],[,,,,],[3,\backslash$table$[[\backslash$table$[[$December $15,],[2024]]]],$Fair value adjustment,$0\mathrm{.}7,],[,$Gain on investment $($unrealized$,$ NI$),,0\mathrm{.}7],[,,,,],[4,\backslash$table$[[\backslash$table$[[$December $15,],[2024]]]],$Cash,$19\mathrm{.}7,],[,$Investment in bonds,,$19\mathrm{.}0],[,$Fair value adjustment,,$0\mathrm{.}7],[,,,,],[5,\backslash$table$[[\backslash$table$[[$December $22,],[2024]]]],$Investment in bonds,$134\mathrm{.}0,],[,$Cash,,$134\mathrm{.}0],[,,,,],[6,\backslash$table$[[$December $23,],[2024]],$Loss on investment $($unrealized$,$ NI$),3\mathrm{.}0,],[,$Fair value adjustment,,$3\mathrm{.}0],[,,,,],[7,\backslash$table$[[\backslash$table$[[$December $23,],[2024]]]],$Cash,$15\mathrm{.}0,],[,$Fair value adjustment,$3\mathrm{.}0,],[,$Investment in equity securities$,,18\mathrm{.}0],[,,,,],[8,\backslash$table$[[\backslash$table$[[$December $26,],[2024]]]],$Fair value adjustment,$1\mathrm{.}0,],[,$Gain on investment $($unrealized$,$ NI$),,1\mathrm{.}0],[,,,,]]\backslash$table$[[9,\backslash$table$[[$December $26,],[2024]],$Cash,$63\mathrm{.}0,],[,,$Investment in bonds,,$62\mathrm{.}0],[,,$Fair value adjustment,,$1\mathrm{.}0],[10,\backslash$table$[[\backslash$table$[[$December $27,],[2024]]]],$Loss on investment $($unrealized$,$ NI$),1\mathrm{.}0,],[,,$Fair value adjustment,,$1\mathrm{.}0],[11,\backslash$table$[[\backslash$table$[[$December $27,],[2024]]]],$Cash,$71\mathrm{.}0,],[,,$Fair value adjustment,$1\mathrm{.}0,],[,,$Investment in bonds,,$72\mathrm{.}0],[12,\backslash$table$[[$December $28,],[2024]],$Cash,$0\mathrm{.}2,],[,,$Dividend revenue,,$0\mathrm{.}2],[13,\backslash$table$[[$December $31,],[2024]],$Loss on investment $($unrealized$,$ NI$),,],[,,$Fair value adjustment,,$]]\backslash$table$[[,($ $ in millions$)],[$Balance sheet:$],[$Current Assets$],[$Investments in equity securities$,],[$Less: Fair value adjustment,$],[$Total$,$$$0\mathrm{.}0],[$Income statement:$],[$Other revenue $($expenses$)$:$],[$Dividend revenue $($December$)],[$Interest revenue $($first $11$ months$)],[$Total interest and dividend revenue,$$0\mathrm{.}0],[$Gain $($loss$)$ on investments:$],[*$ Gain on investments $($December$),1],[$Gain on investments $($first $11$ months$),$a$],[$Loss on investments $($December$),],[$Loss on investments $($first $11$ months$),],[$P$,$is$],[,],[?,],[$Net loss on investments,$0\mathrm{.}0],[$Total other revenue $($expenses$),?]]\backslash$table$[[$No$,$Date,General Journal,Debit,Credit$],[1,$January $02,2025,$Fair value adjustment,,$],[,,$Gain on investment $($unrealized$,$ NI$),,],[2,$January $02,2025,$Cash,$15\mathrm{.}2,],[,,$Fair value adjustment,,$],[,,$Investment in equity securities$,,],[3,$January $05,2025,$Investment in bonds,$41\mathrm{.}0,],[,,$Cash,,$41\mathrm{.}0]]$American Surety and Fidelity buys and sells securities expecting to earn profits on short$-$term differences in price. For the first $11$

months of $2024,$ gains from selling trading securities totaled $$6$ million, losses from selling trading securities were $$10$ million, and the

company had earned $$5$ million in interest revenue. The following selected transactions relate to American's investments in trading

securities and equity securities during December $2024,$ and the first week of $2025.$ The company's fiscal year ends on December $31.$

No trading securities or equity investments were held by American on December $1,2024.$ Assume that the bonds are purchased at

face value.

December $12,2024$ Purchased FF&G Corporation bonds for $$19$ million.

December $13,2024$ Purchased $2$ million shares of Ferry Intercommunications common stock for $$36$ million. American

does not have significant influence over Ferry's operations or policies.

December $15,2024$ Sold the FF&G Corporation bonds for $$19\mathrm{.}7$ million.

December $22,2024$ Purchased U$.$S$.$ Treasury bills for $$62$ million and Treasury bonds for $$72$ million.

December $23,2024$ Sold half the shares of Ferry Intercommunications common stock for $$15$ million.

December $26,2024$ Sold the U$.$S$.$ Treasury bills for $$63$ million.

December $27,2024$ Sold the Treasury bonds for $$71$ million.

December $28,2024$ Received cash dividends of $$200,000$ from the Ferry Intercommunications common stock shares.

December $31,2024$ Recorded any necessary adjusting entry relating to the remaining investment. The market price of

the Ferry Intercommunications stock was $$15$ per share.

January $2,2025$ Sold the remaining Ferry Intercommunications common stock shares for $$15\mathrm{.}2$ million.

January $5,2025$ Purchased Warehouse Designs Corporation bonds for $$41$ million.

Required:

Prepare the appropriate journal entry for each transaction or event during $2024$ including any year$-$end adjusting entries.

Indicate any amounts that American would report in its $2024$ balance sheet and income statement as a result of these

investments. Ignore income taxes.

Prepare the appropriate journal entry for each transaction or event during $2025.$