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Marigold corporation purchased trading investment bonds

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Marigold Corporation purchased trading investment bonds for $55,000 at par. At December 31, Marigold received annual interest of $2,200, and the fair value of the bonds was $52,500.

Prepare Marigold'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: EM131746433

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