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Prepare necessary journal entries for november

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Question - On November 1, 2019 Ohio Corp. purchased 90-day municipal bonds with a face value of $36,000. Fair value of the bonds on November 30, 2019 was 41,500, on December 31, 2019 was $44,500; on January 31, 2020 was $45,000. The investment is classified as fair value through other comprehensive income.

Required -

a) Prepare necessary journal entries for November 1, 2019 and November 30, 2019.

b) Show the impacts of the journal entries on the partial Balance Sheet as of November 30, 2019.

Reference no: EM132574462

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