Assume the same information as in E17-3 except that the securities are classified as available-for-sale. The fair
Question:
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 year end is as follows.
Instructions
(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 2011.
(c) Prepare the journal entry to record the recognition of fair value for 2012.
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a On the date of the bond purchase the journal entry to record the purchase of the availableforsal...View the full answer
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