During 2018, Largent Enterprises purchased bonds as follows: May 17, Purchased 100 Nugent bonds for $800...

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During 2018, Largent Enterprises purchased bonds as follows: May 17, Purchased 100 Nugent bonds for $800 per bond. July 12, Purchased 40 Alfredo bonds at $600 per bond, plus a $600 brokerage commission. Largent accounts for these investments as securities available for sale. At December 31 , 2018, the market values of the securities were as follows: Market Value per Bond Security Nugent Alfredo $720 $640 Required: (1.) Prepare the journal entries to record the acquisition of the two investments. (2.) Prepare any necessary adjusting entries assuming the bonds are both classified as available for sale securities. TTTArial V3 (12pt) T E E - Path: During 2018, Largent Enterprises purchased bonds as follows: May 17, Purchased 100 Nugent bonds for $800 per bond. July 12, Purchased 40 Alfredo bonds at $600 per bond, plus a $600 brokerage commission. Largent accounts for these investments as securities available for sale. At December 31 , 2018, the market values of the securities were as follows: Market Value per Bond Security Nugent Alfredo $720 $640 Required: (1.) Prepare the journal entries to record the acquisition of the two investments. (2.) Prepare any necessary adjusting entries assuming the bonds are both classified as available for sale securities. TTTArial V3 (12pt) T E E - Path:

Answer rating: 100% (QA)

solution Part 1 debit credit 80000 date account title May17 Investment in Nugent cash 80000 10080... View the full answer