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On January 1, 2018, Hoosier Company purchased $930,000 of 10% bonds at face value. The...

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Question

Accounting

On January 1, 2018, Hoosier Company purchased $930,000 of 10% bonds at face value. The bond market value was $980,000 on December 31, 2018.

Required:

Prepare the appropriate journal entry on December 31, 2018, to properly value the bonds assuming

the bonds are classified as:

(1.) Trading securities.

(2.) Securities available for sale.

(3.) Held-to-maturity securities.

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