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Posted on Jul 23, 2024

On January 1 , 2 0 2 4 , Hoosier Company purchased $ 9 4 0 , 0 0 0 of 1 0 % bonds

On January

1, 2024,

Hoosier Company purchased $

940, 000

10 %

bonds at face value. The bond market value was $

985, 000

on December

31, 2024 .

Required:

Prepare the appropriate journal entry on December

31, 2024,

to properly value the bonds assuming the bonds are classified as:

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