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Prepare the appropriate journal entry to value the bonds

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Reference no: EM132736476

Question: On January1, 2021 Bills company purchased $944,000 of 10% bonds at face value. The bond market value was 987,000 on December 31, 2021.

Required: Prepared the appropriate journal entry on December 31, 2021, to properly value the bonds assuming the bonds are classified as

1) Trading securities

2) Securities available for sales

3) Held to maturity securities

Reference no: EM132736476

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