During 2018, Largent Enterprises Purchased Bonds as Follows:
May 17

During 2018, Largent Enterprises purchased bonds as follows:
May 17, Purchased 100 Nugent bonds for $800 per bond.
July 12, Purchased 40 Alfredo bonds at $600 per bond, plus a $600 brokerage commission.
Largent accounts for these investments as securities available for sale. At December 31, 2018, the market values of the securities were as follows: $$\begin{array} { l c } \text { Security } & \text { Market Value per Bond } \\\hline \text { Nugent } & \$ 720 \\\text { Alfredo } & \$ 640\end{array}$$ Required:
(1.) Prepare the journal entries to record the acquisition of the two investments.
(2.) Prepare any necessary adjusting entries assuming the bonds are both classified as available for sale securities.

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($640 x 4...

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