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On January 1, 2013 Hoosier Company purchased $930,000 of 10% bonds at face value. The bond market value was $980,000 on December 31. Prepare the
On January 1, 2013 Hoosier Company purchased $930,000 of 10% bonds at face value. The bond market value was $980,000 on December 31.
Prepare the appropriate journal entry on December 31, 2013 to property value the bonds assuming the bonds are classified as:
1) Trading securities
2) Securities available for sale
3) held-to-maturity securities
Show all work.
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