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Dubai Corporation purchased trading investment bonds for $40,000 at par. At December 31, Dubai received annual interest of $2,000, and the fair value of the
- Dubai Corporation purchased trading investment bonds for $40,000 at par. At December 31, Dubai received annual interest of $2,000, and the fair value of the bonds was $38,400.
Required: (3 marks)
- Prepare the journal entry for the purchase of the investment.
- Prepare the journal entries for the interest received.
Prepare the journal entry for the fair value adjustment
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Auditing And Assurance Services A Systematic Approach
Authors: William Messier, Steven Glover, Douglas Prawitt
12th Edition
1264100671, 978-1264100675
