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I did not get question 3 right, and the number i got is 278.4 please show all the work and details for this question. Thank
I did not get question 3 right, and the number i got is 278.4
please show all the work and details for this question.
Thank you so much
[This is a variation of E 122 focusing on available-for-sale securities.] Mills Corporation acquired as a long-term investment $240 million of 6% bonds, dated July 1, on July 1, 2018. Company management has the positive intent and ability to hold the bonds until maturity. The market interest rate (yield) was 4% for bonds of similar risk and maturity. Mills paid $280 million for the bonds. The company will receive interest semiannually on June 30 and December 31. As a result of changing market conditions, the fair value of the bonds at December 31, 2018, was $270 million. 3. At what amount will Mills report its investment in the December 31, 2018, balance sheet? Why
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