Question: MUST INCLUDE EXCEL FORMULA AND EXPLAINATION FOR HOW ANSWER WAS FOUND Bruce Company purchased $2,000,000 of Clarence, Incorporated, 4.0% bonds at par on July 1,2023

MUST INCLUDE EXCEL FORMULA AND EXPLAINATION FOR HOW ANSWER WAS FOUND

Bruce Company purchased $2,000,000 of Clarence, Incorporated, 4.0% bonds at par on July 1,2023 , with interest paid semi-annually. Bruce determined that it should account for the bonds as an avallable-for-sale investment. At December 31, 2023, the Clarence bonds had a fair value of $2,300,000. Bruce sold the Clarence bonds on July 1,2024 for $1,950,000. Complete the following tables to show the effect of the Clarence bonds on Bruce's net income, other comprehensive income, and comprehensive income for 2023, 2024, and cumulatively over the two-year period. FORMULAS FOR LOSSES MUST RETURN NEGATIVE YALUES

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