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Prepare any entry required as result of adopting fair value

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EBL decided that it should report its financial instruments at fair value as of April 1, 2025 on the remaining balance, after redemption, of bonds and will employ a separate new balance sheet valuation account, "Adjustment to fair value", if required, to identify any fair value adjustment to the carrying value of the bonds at that date. The Bank of Canada rate at this date was 2.5%.

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Problem 1: Prepare any entry(ies) required as a result of adopting fair value; show supporting calculations.

Reference no: EM132774579

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