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need jounal entry S&L. Financial buys and sells securities which it classifles as available-for-sale, Assume that on December 27, 2024, S&L purchased Coca-Cols bonds at
need jounal entry
S\&L. Financial buys and sells securities which it classifles as available-for-sale, Assume that on December 27, 2024, S\&L purchased Coca-Cols bonds at par for $900,000 and sold the bonds on January 3,2025 , for $908,500. At December 31 , the bonds had a fair value of $893,000, and \( \$ \& \mathrm{~L} \)amp;L. has the intent and ablity to hold the investment untll fair value recovers. Prepare journal entries to record (a) any unrealized gains or losses occurring in 2024 and (b) the sale of the bonds in 2025 , Including recognition of any unrealized gains in 2025 prior to sale and reclassification of amounts out of OCl. Note: If no entry is required for a transaction/event, select "No Journal entry required" in the first account fieid Step by Step Solution
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