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The fair value adjustment

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Reference no: EM131116113

1. Hendricks Corporation purchased trading investment bonds for $50,000 at par. At December 31, Hendricks received annual interest of $2,000, and the fair value of the bonds was $47,400. Prepare Hendricks' journal entries for 

(a) The purchase of the investment,

(b) The interest received, and 

(c) The fair value adjustment.

Reference no: EM131116113

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