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What is appropriate reporting category for this investment

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Reference no: EM132930368

Problem - On March 17, 20X7, Palmer Corporation purchased 500 bonds of XYZ as a long-term investment at $400 per bond and does not intend to hold them to maturity. On December 31, 20X7, and December 31, 20X8, the market value of the XYZ bonds is $420 and $430, respectively.

Required -

(1) What is the appropriate reporting category for this investment? Why?

(2) Prepare the adjusting entry on December 31, 20X7.

(3) Prepare the adjusting entry on December 31, 20X8.

Reference no: EM132930368

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