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Current Attempt in Progress The following Kokomo Corporation transactions are for bonds that were purchased as a trading lovestment for the year ended December 31,
Current Attempt in Progress The following Kokomo Corporation transactions are for bonds that were purchased as a trading lovestment for the year ended December 31, 2021: Feb 1 Aug Dec 31 Purchased $204,000 of Leslye Corporation 3% bonds at 104 (this means 104% of maturity value. Interest is received semi-annually on August 1 and February 1. The bonds mature on February 1, 2023 1 Received interest on Leslye bonds 2 31 Sold $81,600 of the Leslye bonds at 102. Accrued interest on the remaining bonds. The fair value of the remaining bonds was 100 on this date (a) Record the above transactions, using the fair value through profit or loss model, including required adjusting entries. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round answers to O decimal places, eg 5,250. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem) Date: Account Titles and Explanation Feb 1 V Trading Ins Cash Alg V Cash interest income Dec 31 Dec 31 v Cash Raalled Loss on Trading Investments Trading investments Receivable Interest income (To record accrued interest of remaining bonds) Unalized Less on Trading investments Dading investments (To record fair value of remaining bonds) Save for Liter Last saved 21 minutes ago Saved work will be auto-submitted on the due date Auto jubmission can take up to 10 minutes Debit 212160 3060 83232 Credit 21216 Attempts: 0 of 1 used Submit Answer 306
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