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Grouper Corporation purchased trading investment bonds for $65,000 at par. At December 31, Grouper received annual interest of $2,600, and the fair value of the

Grouper Corporation purchased trading investment bonds for $65,000 at par. At December 31, Grouper received annual interest of $2,600, and the fair value of the bonds was $62,200. Prepare Grouper' 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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