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Prepared the appropriate journal entry on december

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Reference no: EM132690068

On January1, 2021 Bills company purchased $944,000 of 10% bonds at face value. The bond market value was 987,000 on December 31, 2021.

Required:

Question 1: Prepared the appropriate journal entry on December 31, 2021, to properly value the bonds assuming the bonds are classified as

1) Trading securities
2) Securities available for sales
3) Held to maturity securities

Reference no: EM132690068

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