(Answered) Marigold corporation purchased trading investment bonds for

Accounting

Marigold Corporation purchased trading investment bonds for $55,000 at par. At December 31, Marigold received annual interest of $2,200, and the fair value of the bonds was $52,500.

Prepare Marigold's 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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