S&L Financial buys and sells securities expecting to earn profits on short-term differences in price. Assume...

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S&L Financial buys and sells securities expecting to earn profits on short-term differences in price. Assume that on December 27. 2024, S&L purchased Coca-Cola bonds at par for $894,000 and sold the bonds on January 3, 2025, for $902.500. At December 31, the bonds had a fair value of $886,000 Prepare journal entries to record (a) any unrealized gains or losses occurring in 2024 and (b) the sale of the bonds in 2025. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. S&L Financial buys and sells securities expecting to earn profits on short-term differences in price. Assume that on December 27. 2024, S&L purchased Coca-Cola bonds at par for $894,000 and sold the bonds on January 3, 2025, for $902.500. At December 31, the bonds had a fair value of $886,000 Prepare journal entries to record (a) any unrealized gains or losses occurring in 2024 and (b) the sale of the bonds in 2025. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.

Answer rating: 100% (QA)

Answer The journal entries to record the transactions for SSL Financial are as follows 1 December 27 ... View the full answer