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  3. on january 1,2024, brian company purchased at par

On January 1,2024, Brian Company purchased at par $800,000,6 percent bonds issued by Laura Company...

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Accounting

On January 1,2024, Brian Company purchased at par $800,000,6 percent bonds issued by Laura Company to be actively
traded. At December 31,2024, the bonds had a fair value of $782,500. The bond investment was sold on July 1,2025, for
$805,500. Brian Company's fiscal year ends on December 31.
Record (1) the adjustment of the bond investment on December 31,2024, and (2) the sale of the bonds on July 1,2025.
Ignore interest.
Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.
Journal entry worksheet
Reclassify any gain or loss on the sale of the investments on July 01,2025.
Note: Enter debits before credits.
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