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TTL decided that it should report its financial instruments at fair value as of March...

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Accounting

TTL decided that it should report its financial instruments at fair value as of March 1, 2025 on the remaining bond balance, after redemption, of bonds and will employ a separate new balance sheet valuation account, Adjustment to fair value, if required. The Bank of Canada rate at this date was 2.0%.

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Prepare any entries required as a result of adopting fair value; show supporting calculations.

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