Question
During 20X1, Marten purchased $100,000 face amount bonds at a premium and classifies them as available-for-sale investment. On 12/31/20X1 after recognizing interest income and amortization,
During 20X1, Marten purchased $100,000 face amount bonds at a premium and classifies them as available-for-sale investment. On 12/31/20X1 after recognizing interest income and amortization, the carrying value of the bonds is $101,300 and the market value is $101,900. What additional journal entry related to the bond investment should Marten make on 12/31/20X1?
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Called To Account Financial Frauds That Shaped The Accounting Profession
Authors: Paul M. Clikeman
3rd Edition
1138327085, 9781138327085
