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QUESTION 3 - (SHORT TERM INVESTMENTS) On November 1, 2019 Ohio Corp. purchased 90-day municipal bonds with a face value of $36,000. Fair value of
QUESTION 3 - (SHORT TERM INVESTMENTS) On November 1, 2019 Ohio Corp. purchased 90-day municipal bonds with a face value of $36,000. Fair value of the bonds on November 30, 2019 was 41,500, on December 31, 2019 was $44,500; on January 31, 2020 was $45,000. The investment is classified as "fair value through other comprehensive income": Required: a) Prepare necessary journal entries for November 1, 2019 and November 30, 2019. b) Show the impacts of the journal entries on the partial Balance Sheet as of November 30, 2019. 2
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