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Benton Front Inc. made the following bond investment during the year for the purpose of trading. Assume Benton uses the fair value through profit or loss model and has a fiscal year end at March 31, 2022.
Feb. 1, 2022
Purchased Arnprior Bonds at par for $23,000. Interest is paid semi-annually at a rate of 4% on February 1 and August 1 each year.
Mar. 31, 2022
The Arnprior Bonds were trading at 101.
Aug. 1, 2022
Collected interest on the Arnprior Bonds.
Aug. 2, 2022
Sold the Arnprior Bonds for $23,500.
Problem (a) Record the above transactions and any necessary adjusting entries for Benton Front at its year end of March 31, 2022.
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