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On March 17, 2020, Dumbledore Corporation purchased 500 bonds of Snape Company as a long-term investment at $540 per bond. The market value of the

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On March 17, 2020, Dumbledore Corporation purchased 500 bonds of Snape Company as a long-term investment at $540 per bond. The market value of the Snape bonds is $584 on December 31, 2020 and is $594 on December 31, 2021. 1. What is the appropriate reporting category for this investment? 2. Prepare the adjusting entry on December 31, 2020, 3. Prepare the adjusting entry on December 31, 2021 Complete this question by entering your answers in the tabs below. Reporting Category Journal Entries What is the appropriate reporting category for this investment? Reporting category for the investment

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