Hendricks Corporation purchased trading investment bonds for $53,500 at par. At

Question

Hendricks Corporation purchased trading investment bonds for $53,500 at par. At December 31, Hendricks received annual interest of $2,200, and the fair value of the bonds was $50,730.

Prepare Hendricks

Hendricks Corporation purchased trading investment bonds for $53,500 at par. At December 31, Hendricks received annual interest of $2,200, and the fair value of the bonds was $50,730. Prepare Hendricks' journal entries for (a) the purchase of the investment, (b) the interest received, and (c) the fair value adjustment. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Explanation / Answer

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