Question: Show calculation to problem. Use chrome if picture doesn't appear. On March 17, 2020, Union Corporation purchased 500 bonds of AZQ as a long-term investment

Show calculation to problem. Use chrome if picture doesn't appear.

Show calculation to problem. Use chrome if picture doesn't appear. On March

On March 17, 2020, Union Corporation purchased 500 bonds of AZQ as a long-term investment at $400 per bond. On December 31, 2020, and December 31, 2021, the market value of the AZQ bonds is $420 and $430, respectively. Required: (1.) What is the appropriate reporting category for this investment? Why? (2.) Prepare the adjusting entry on December 31, 2020. (3.) Prepare the adjusting entry on December 31, 2021

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