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Prepare the adjusting entry to record the bonds

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Reference no: EM131913560

Question - Below is a bond investment amortization schedule with related fair value information. The bonds are classified as trading.

           Amortized cost   Fair Value

7/31/17     $491,150    $497,000

7/31/18     $519,442    $500,000

7/31/19     $550,000    $550,000

a) Indicate whether the bonds were purchased at discount or a premium

b) Prepare the adjusting entry to record the bonds at fair value at 7/31/17. The Fair Value adjustment account has a credit balance of $1,000 prior to adjustment

c) Prepare the adjusting entry to record the bonds at fair value at 7/31/18.

Reference no: EM131913560

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