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Prepare Swifty journal entries for the purchase

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Question - Swifty Corporation purchased trading investment bonds for $52,000 at par. At December 31, Swifty received annual interest of $2,080, and the fair value of the bonds was $49,300.

Prepare Swifty' 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: EM133078372

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