Company maintained a large investment in debt securities valued at approximately $ 42 billion as of the
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Question:
Company maintained a large investment in debt securities valued at approximately $ 42 billion as of the beginning of the year. During the year, the debt securities produced investment income (interest income) totaling $2.5 billion. At the year-end, the portfolio of debt securities had appreciated to $45.5 billion.
Please prepare the journal entries to record the year-end adjusting entries assuming that the debt portfolio is Classified as trading securities and Classified as available-for-sale securities and prepare the journal entry to record the interest earned (assume all interest is collected)
Related Book For
Elementary Statistics
ISBN: 978-0538733502
11th edition
Authors: Robert R. Johnson, Patricia J. Kuby
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