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Martinez Corporation purchased trading investment bonds for $64,000 at par. At December 31 . Martinez received annual inferest of $2,560, and the fair value of
Martinez Corporation purchased trading investment bonds for $64,000 at par. At December 31 . Martinez received annual inferest of $2,560, and the fair value of the bonds was $61,200 Prepare Martinez' journal entries for (a) the purchase of the irvestment, (b) the interest received, and ic) the fair value ad,ustment (Assume a zero balance in the Fair Value Adjustment account.) (List all debit entries before credit entries. Creditoccount tities are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the occount tities and enter ofor the amounts.)
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