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On January 1, 2018, Hoosier Company purchased $912,000 of 10% bonds at face value. The bond market value was $971,000 on December 31, 2018. Required:
On January 1, 2018, Hoosier Company purchased $912,000 of 10% bonds at face value. The bond market value was $971,000 on December 31, 2018. Required: Prepare the appropriate journal entry on December 31, 2018, to properly value the bonds assuming the bonds are classified as: (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
- Trading securities.
- Securities available for sale.
- Held-to-maturity securities.
- record the unrealized holding gain or loss for trading securities.
Note: Enter debits before credits.
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- record the unrealized holding gain or loss for securities available for sale.
Note: Enter debits before credits.
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- Record the unrealized holding gain or loss for Held-to-maturity securities.
Note: Enter debits before credits.
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