Pina Corporation purchased trading investment bonds for $49,000 at par. At December 31, Pina received...
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Pina Corporation purchased trading investment bonds for $49,000 at par. At December 31, Pina received annual interest of $1,960, and the fair value of the bonds was $46,200. Prepare Pinas journal entries for (a) the purchase of the investment, (b) the interest received, and (c) the fair value adjustment. (Assume a zero balance in the Fair Value Adjustment account.)
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