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Make Ayayai journal entries

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Question - Ayayai Corporation purchased trading investment bonds for $43,000 at par. At December 31, Ayayai received annual interest of $1,720, and the fair value of the bonds was $40,200.

Make Ayayai's journal entries for (a) the purchase of the investment, (b) the interest received, and (c) the fair value adjustment. (Assume a zero balance in the Fair Value Adjustment account.)

Reference no: EM132611452

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