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Question - ABC Industries purchased 200 of $1,000 of 6% XYZ bonds at par for cash on July1. The bonds pays semi-annual interest on June 30 and December 31. On December 31, 2018, ABC received $6,000 of interest. The XYZ bonds was trading at 98.88 at the close of 2018. ABC's fiscal year ends on December 31. On January 1, 2019 ABC sold all 200 of XYZ bonds at 99.00.
Complete the table below to show what ABC Industries would report as investment on its balance sheet in 2018 and for the related investment income on its income statement in 2018 and 2019 assuming ABC's passive investment in debt securities are classified as a held-to-maturity, trading, or available-for-sale
2018 Balance Sheet
2018 Income Statement
2019 Income Statement
Held-to-maturity
Trading
Available-for-Sale
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