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Problem 15-2A (Algo) Recording, adjusting, and reporting available-for-sale debt securities LO P3 [The following information applies to the questions displayed below.] Mead Incorporated began operations in Year 1. Following is a series of transactions and events invering its long-term debt investments in available-for-sale securities. Year 1 January 20 Purchased Johnson \& Johnson bonds for $25,500. February 9 Purchased Sony notes for $59,940. June 12 Purchased Mattel bonds for $45,500. December 31 Fair values for debt in the portfolio are Johnson \& Johnson, \$29,500; Sony, \$49, 350; and Mattel, \$54, 750. Year 2 April 15 Sold all of the Johnson \& Johnson bonds for $28,500. July 5 Sold all of the Mattel bonds for $39,350. July 22 Purchased Sara Lee notes for $15,500. August 19 Purchased Kodak bonds for $18,800. December 31 Fair values for debt in the portfolio are Kodak, \$19,075; Sara Lee, \$17, 000; and Sony, \$62, 000 . Year 3 February 27 Purchased Microsoft bonds for $159,800. June 21 Sold all of the Sony notes for $61,600. June 30 Purchased Black \& Decker bonds for $55,400. August 3 Sold all of the Sara Lee notes for $14,250. November 1 Sold all of the Kodak bonds for $23,725. December 31 Fair values for debt in the portfolio are Black \& Decker, $57,600; and Microsoft, $159,600. 3. Complete the following table that summarizes (a) the realized gains and losses and (b) the unrealized gains or losses for the portfolio of long-term available-for-sale debt securities at each year-end. (Losses should be indicated by a minus sign.) Problem 15-2A (Algo) Recording, adjusting, and reporting available-for-sale debt securities LO P3 [The following information applies to the questions displayed below.] Mead Incorporated began operations in Year 1. Following is a series of transactions and events invering its long-term debt investments in available-for-sale securities. Year 1 January 20 Purchased Johnson \& Johnson bonds for $25,500. February 9 Purchased Sony notes for $59,940. June 12 Purchased Mattel bonds for $45,500. December 31 Fair values for debt in the portfolio are Johnson \& Johnson, \$29,500; Sony, \$49, 350; and Mattel, \$54, 750. Year 2 April 15 Sold all of the Johnson \& Johnson bonds for $28,500. July 5 Sold all of the Mattel bonds for $39,350. July 22 Purchased Sara Lee notes for $15,500. August 19 Purchased Kodak bonds for $18,800. December 31 Fair values for debt in the portfolio are Kodak, \$19,075; Sara Lee, \$17, 000; and Sony, \$62, 000 . Year 3 February 27 Purchased Microsoft bonds for $159,800. June 21 Sold all of the Sony notes for $61,600. June 30 Purchased Black \& Decker bonds for $55,400. August 3 Sold all of the Sara Lee notes for $14,250. November 1 Sold all of the Kodak bonds for $23,725. December 31 Fair values for debt in the portfolio are Black \& Decker, $57,600; and Microsoft, $159,600. 3. Complete the following table that summarizes (a) the realized gains and losses and (b) the unrealized gains or losses for the portfolio of long-term available-for-sale debt securities at each year-end. (Losses should be indicated by a minus sign.)