(L01) Hendricks Corporation purchased trading investment bonds for $50,000 at par. At December 31, Hendricks received annual...
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(L01) Hendricks Corporation purchased trading investment bonds for $50,000 at par. At December 31, Hendricks received annual interest of $2,000, and the fair value of the bonds was $47,400. Prepare Hendricks’ journal entries for
(a) the purchase of the investment,
(b) the interest received, and
(c) the fair value adjustment. (Assume a zero balance in the Fair Value Adjustment account.)
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