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What category and at what value would cole report the asset

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On February ?1, 2024?, Cole Co. decides to invest excess cash of $17,400 by purchasing a Lane?, Inc. bond at face value. At? year-end, December? 31, 2024?, the fair value of the Lane bond was $19,900. The investment is categorized as a trading debt investment.

Problem 1: Journalize the transactions for Cole?'s investment in Lane?, Inc. for 2024.

Problem 2: In what category and at what value would Cole report the asset on the December? 31, 2024?, balance? sheet? In what account would the market price change in Lane?'s bond be? reported, if at? all?

Problem 3: What was the net effect of the investment on Cole?'s net income for the year ended December? 31, 2024??

Reference no: EM132843999

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