On February 18, 2018, Union Corporation purchased $1,311,000 of IBM bonds. Union will hold the bonds indefinitely, and may sell them if their price increases sufficiently. On December 31, 2018, and December 31, 2019, the market value of the bonds was $1,273,000 and $1,330,000, respectively.

Required:
2. & 3. Prepare the adjusting entry for December 31, 2018 and 2019. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

Answer rating: 100% (QA)

Adjusting Entries Since Union Corporation intends to hold the bonds ... View the full answer