Question 14 12 pts On March 17, 20X7, Palmer Corporation purchased 500 bonds of XYZ common as a long-term investment at $400 per bond and does not intend to hold them to maturity. On December 31, 20X7, and December 31, 20X8, the market value of the XYZ 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, 20x7. (3.) Prepare the adjusting entry on December 31, 20X8. HTML Editore BI VA - A - Ix E 11 x x 5 N Vx Groove I 12pt