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Prepare the adjusting entry to record the bonds at

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Reference no: EM13482165

Presented below is information taken from a bond investmentamortization schedule with related fair values provided. These bonds are classified as available-for-sale. 

                                        12/31/10        12/31/11       12/3/12                          

Amortizedcost               $491,150       $519,442       $550,000                          

Fairvalue                       $497,000        $509,000       $550,000

Instructions:

Prepare the adjusting entry to record the bonds at fairvalue at December 31, 2010. The securities Fair Value Adjustment account has a debit balance of $1,000 prior to adjustment.

Prepare the adjusting entry to record the bonds at fairvalue at December 31, 2011.

Reference no: EM13482165

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