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On February 18, 2024, Union Corporation purchased 819 IBM bonds as a long-term investment at their face value for a total of $819,000. Union will

On February 18, 2024, Union Corporation purchased 819 IBM bonds as a long-term investment at their face value for a total of $819,000. Union will hold the bonds indefinitely, and may sell them if their price increases sufficiently. On December 31, 2024, and December 31, 2025, the market value of the bonds was $793,000 and $832,000, respectively. Required: 2. & 3. Prepare the adjusting entry for December 31, 2024 and 2025.

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