Question: TTL decided that it should report its financial instruments at fair value as of March 1, 2025 on the remaining bond balance, after redemption, of

TTL decided that it should report its financial instruments at fair value as of March 1, 2025 on the remaining bond balance, after redemption, of bonds and will employ a separate new balance sheet valuation account, “Adjustment to fair value”, if required. The Bank of Canada rate at this date was 2.0%. Required Prepare any entries required as a result of adopting fair value; show supporting calculations.

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