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I was having trouble with Exercise 17-4 E17-4 (L01) Entries for Available-for-sale Securities) Assume the same information as in E17-3 except that the securities are
I was having trouble with Exercise 17-4
E17-4 (L01) Entries for Available-for-sale Securities) Assume the same information as in E17-3 except that the securities are classified as available-for-sale. The fair value of the bonds atDecember31 ofeach year-end is as follows. 2020 $310,000 2017 $320,500 2021 $300,000 2018 S309,000 2019 $308,000 Instructions (a) Prepare the journal entry at the date of the bond purchase. (b) Prepare the journal entries to record the interest revenue and recognition of fair value for 2017. (c) Prepare the journal entry to record the recognition of fair value for 2018Step by Step Solution
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