Question: MUST INCLUDE EXCEL FORMULAS; Bruce Company purchased $ 2 , 0 0 0 , 0 0 0 of Clarence, Incorporated, 4 . 0 % bonds

MUST INCLUDE EXCEL FORMULAS; Bruce Company purchased $2,000,000 of Clarence, Incorporated, 4.0% bonds at par on July 1, with interest paid semi-annually. Bruce determined that it should account for the bonds as an available-for-sale investment. At December 31, the Clarence bonds had a fair value of $2,300,000. Bruce sold the Clarence bonds on July 1 of the following year for $1,950,000. Required: Complete the following table to show the effect of the Clarence bonds on Bruces net income, other comprehensive income, and comprehensive income for each of the two years, and cumulatively over the two-year period. Navigation: Use the Open Excel in New Tab button to launch this question. When finished in Excel, use the Save and Return to Assignment button in the lower right to return to Connect.

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