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FF&T Corporation is a confectionery wholesaler that frequently buys and sells securities to meet various investment objectives. The following selected transactions relate to FF&T's investment
FF\&T Corporation is a confectionery wholesaler that frequently buys and sells securities to meet various investment objectives. The following selected transactions relate to FF\&T's investment activities during the last two months of 2024. At November 1, FF\&T held $75 million of 30-year, 8% bonds of Convenience, Incorporated, purchased May 1,2024 , at face value. Management has the positive intent and ability to hold the bonds until maturity. FF\&T's fiscal year ends on December 31. November 1 Received semiannual interest of $3.0 million from the Convenience, Incorporated, bonds. December 1 Purchased 10% bonds of Facsimile Enterprises at their $72 million face value, to be held until they mature in 2027. Semiannual interest is payable May 31 and November 30 . December 31 Purchased U.S. Treasury bills to be held until they mature in two months for $10.7 million. December 31 Recorded any necessary adjusting entry(s) relating to the investments. The fair values of the investments at December 31 were: Required: Prepare the appropriate journal entry for each transaction or event. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5 ). Journal entry worksheet 6 Received semiannual interest of $3.0 million from the Convenience, Incorporated, bonds. Note: Enter debits before credits. Journal entry worksheet 6 Purchased 10% bonds of Facsimile Enterprises at their $72 million face value, to be held until they mature in 2027. Semiannual interest is payable May 31 and November 30. Note: Enter debits before credits. Journal entry worksheet Purchased U.S. Treasury bills to be held until they mature in two months for $10.7 million. Note: Enter debits before credits. Journal entry worksheet 1 Record the interest accrued on Convenience, Incorporated bonds. Note: Enter debits before credits. Journal entry worksheet Record the interest accrued on Facsimile Enterprises bonds. Note: Enter debits before credits. Journal entry worksheet Prepare any journal entry needed to adjust the investments for fair value. Note: Enter debits before credits
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