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Prepare all journal entries for december

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Reference no: EM132060038

Question - On December 31, 20x3, the Laurel Corporation purchased bonds of another company.The bonds had a face value of $200,000, mature on December 31, 20x17, and pay acoupon rate of 4% semi-annually on June 30 and Dec 31. The bonds were yielding 3.5% on the date of purchase. Laurel paid $4,500 in transaction costs.

On December 31, 20x4 and 20x5 the bonds are trading at 105 and 103.2 respectively.

On January 2, 20x6, the bonds are sold at 103 less $4,000 in transaction costs.

Prepare all journal entries for December 31, 20x3 through January 2, 20x6 on the assumption that the securities are classified as...

a. Amortized Cost

b. FVTOCI

Reference no: EM132060038

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