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Entries for available-for-sale securities assume the same

1. Entries for Available-for-Sale Securities assume the same information as in E17-3 except that the securities are classified as available-for-sale. The fair value of the bonds at December 31 of each yearend is as follows.

2009 $534,200 2012 $517,000
2010 $515,000 2013 $500,000
2011 $513,000

(a) Prepare the journal entry at the date of the bond purchase.

(b) Prepare the journal entries to record the interest received and recognition of fair value for 2009.

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Accounting Basics: Entries for available-for-sale securities assume the same

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