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Create the adjusting entry to record the bonds at fair value

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Reference no: EM132933662

Presented below is information taken from a bond investment amortization schedule with related fair values provided. These bonds are classified as available-for-sale.

                                    12/31/20                 12/31/21              12/31/22
Amortized cost          $194,100                 $197,900          $200,900
Fair value               $197,510                   $196,580              $200,900

Problem 1: Prepare the adjusting entry to record the bonds at fair value at December 31, 2020. The Fair Value Adjustment account has a debit balance of $1,950 prior to adjustment.

Problem 2: Prepare the adjusting entry to record the bonds at fair value at December 31, 2021.

Reference no: EM132933662

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