Create the adjusting entry to record the bonds, Accounting Basics

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Create the adjusting entry to record the bonds

Presented below is information taken from a bond investmentamortization schedule with related fair values provided. These bonds are classified as available-for-sale.

12/31/10 12/31/11 12/3/12

Amortizedcost $491,150 $519,442 $550,000

Fairvalue $497,000 $509,000 $550,000

Instructions (a) prepare the adjusting entry to record the bonds at fairvalue at December 31, 2010. The securities Fair ValueAdjustment account has a debit balance of $1,000 prior toadjustment. (b) Prepare the adjusting entry to record the bonds at fairvalue at December 31, 2011.

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Accounting Basics: Create the adjusting entry to record the bonds

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Accounting Basics: Create the adjusting entry to record the bonds

Reference No:- TGS0555593

Have a Question? (oR Write a Review)

Recent Questions Asked Accounting Basics

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Accounting Basics: Create the adjusting entry to record the bonds

Reference No:- TGS0555593

Recent Questions Asked Accounting Basics

Q : Prepare a schedule that discloses the individual costs

Q : Distributor of natural cosmetics

Q : Calculate the amount of total current assets

Q : Analyze the account balances

Q : Create the adjusting entry to record the bonds

Q : Calculate eps reported before stock split and stock

Q : Company uses a standard cost system

Q : Calculate gross receivables for the years given

Q : Difference between a tangible and an intangible asset

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