Reference no: EM132574506
Presented below is information taken from a bond investment amortization schedule with related fair values provided. These bonds are managed to profit from changes in market interest rates.
31/12/18 31/12/19 31/12/20
Amortized Cost $491,150 $519,442 $550,000
Fair Value 497,000 509,000 550,000
Question 1. Indicate whether the bonds were purchased at a discount or at a premium.
Question 2. Prepare the adjusting entry to record the bonds at fair value at December 31, 2018. The Fair Value Adjustment account has a debit balance of $1,000 prior to adjustment.
Question 3. Prepare the adjusting entry to record the bonds at fair value at December 31, 2019.
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