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Problem 2 On January 1, 2022, Cortez. Company purchased $976,000 of 10% bonds at face value. The bonds market value was $922,000 on December 31,2022.

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Problem 2 On January 1, 2022, Cortez. Company purchased $976,000 of 10% bonds at face value. The bonds market value was $922,000 on December 31,2022. Required: Prepare the appropriate journal entry on December 31,2022 , to properly value the bonds assuming the bonds are classified as: (a) Trading securities. (b) Securities available-for-sale. (c) Held-to-maturity securities

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