Help Save On January 1, 2024, Hoosier Company purchased $914,000 of 10% bonds at face value....

  
 
 

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Help Save On January 1, 2024, Hoosier Company purchased $914,000 of 10% bonds at face value. The bond market value was $972,000 on December 31, 2024. Required: Prepare the appropriate journal entry on December 31, 2024, to properly value the bonds assuming the bonds are classified as: Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. 1. Trading securities. 2. Available-for-sale securities. 3. Held-to-maturity securities. View transaction list Journal entry worksheet Record the unrealized holding gain or loss for trading securities. Note: Enter debits before credits. Transaction Cash Record entry General Journal Clear entry Debit Credit View general journal View transaction list Journal entry worksheet Record the unrealized holding gain or loss for available-for-sale securities. 2 Note: Enter debits before credits. Transaction 2 Record entry General Journal Clear entry Debit Credit View general journal 5 1. Trading securities 2. Available-for-sale securities. 3. Held-to-maturity securities. View transaction list Journal entry worksheet < Record the unrealized holding gain or loss for held-to-maturity securities. Note: Enter debits before credes. Transaction 3 Record entry General Journal Clear entry Debit Credit View general journal Help Save On January 1, 2024, Hoosier Company purchased $914,000 of 10% bonds at face value. The bond market value was $972,000 on December 31, 2024. Required: Prepare the appropriate journal entry on December 31, 2024, to properly value the bonds assuming the bonds are classified as: Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. 1. Trading securities. 2. Available-for-sale securities. 3. Held-to-maturity securities. View transaction list Journal entry worksheet Record the unrealized holding gain or loss for trading securities. Note: Enter debits before credits. Transaction Cash Record entry General Journal Clear entry Debit Credit View general journal View transaction list Journal entry worksheet Record the unrealized holding gain or loss for available-for-sale securities. 2 Note: Enter debits before credits. Transaction 2 Record entry General Journal Clear entry Debit Credit View general journal 5 1. Trading securities 2. Available-for-sale securities. 3. Held-to-maturity securities. View transaction list Journal entry worksheet < Record the unrealized holding gain or loss for held-to-maturity securities. Note: Enter debits before credes. Transaction 3 Record entry General Journal Clear entry Debit Credit View general journal

Answer rating: 100% (QA)

The appropriate journal entry on December 31 2024 to properly value the bonds depends on how the bon... View the full answer