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On March 17, 2020, Union Corporation purchased 500 bonds of AZQ as a long-term investment at $400 per bond. On December 31, 2020, and December

On March 17, 2020, Union Corporation purchased 500 bonds of AZQ as a long-term investment at $400 per bond. On December 31, 2020, and December 31, 2021, the market value of the AZQ bonds is $420 and $430, respectively.

Required: (1.) What is the appropriate reporting category for this investment? Why? (2.) Prepare the adjusting entry on December 31, 2020. (3.) Prepare the adjusting entry on December 31, 2021.

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