Use the information from BE17.1 but assume the bonds are purchased as a held-for-collection and selling investment.

Question:

Use the information from BE17.1 but assume the bonds are purchased as a held-for-collection and selling investment. Prepare Garfield's journal entries for
(a) The purchase of the investment,
(b) The receipt of annual interest and discount amortization,
(c) The year-end fair value adjustment. (Assume a zero balance in the Fair Value Adjustment account.) The bonds have a year-end fair value of €75,500.