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Question - Metlock Company invests $9,600,000 in 6% fixed rate corporate bonds on January 1, 2017. All the bonds are classified as available-for-sale and are purchased at par. At year-end, market interest rates have declined, and the fair value of the bonds is now $10,128,000. Interest is paid on January 1.
Prepare journal entries for Metlock Company to (a) record the transactions related to these bonds in 2017, assuming Metlock does not elect the fair option; and (b) record the transactions related to these bonds in 2017, assuming that Metlock Company elects the fair value option to account for these bonds.
Even if you cannot get access to such a package, try to get hold of one of the newer generation of accounting packages, such as Quicken or Money, which are aimed at use in the small business, or for domestic accounting.
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