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Problem: On February 18, 2020, Union Corporation purchased 10,000 shares of IBM bonds as a long-term investment for $600,000. Union will hold the bonds indefinitely, and may sell them if their price increases sufficiently. On December 31, 2020, and December 31, 2021, the market value of the bonds was $580,000 and $610,000, respectively.
Required
Question 1: What is the appropriate reporting category for this investment? Why?
Question 2: Prepare the adjusting entry for December 31, 2020.
Question 3: Prepare the adjusting entry for December 31, 2021. Please answer the question by provide detail calculation process.
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The YTM on a bond is the interest rate you earn on your investment if interest rates don't change. If you actually sell the bond before it matures, your realized return is known as the holding period yield (HPY).
The interest is accrued at an annual nominal rate of discount equal to 5% compounded semiannually
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