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Make the adjusting entry for december

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On February 18, 2021, Union Corporation purchased 2,184 IBM bonds as a long-term investment at their face value for a total of $2,184,000. Union will hold the bonds indefinitely, and may sell them if their price increases sufficiently. On December 31, 2021, and December 31, 2022, the market value of the bonds was $2,128,000 and $2,212,000, respectively.

Problem 1: Prepare the adjusting entry for December 31, 2021 and 2022. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

Reference no: EM132933281

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