What amount will the investment

Reference no: EM132970231

Fister Links Products owns Microsoft bonds, considered by the company to be securities available-for-sale. The bonds were acquired at a cost of $500,000. At the end of 2019, their fair value was $610,000 and their amortized cost was $510,000. At the end of 2020, their fair value was $600,000 and their amortized cost was $520,000.

(a) At what amount will the investment be reported in the December 31, 2019, balance sheet?

(b) What adjusting entry is required to accomplish this objective (ignore interest)?

Reference no: EM132970231

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