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Presented below is information taken from a bond investmentamortization schedule with related fair values provided. These bonds are classified as available-for-sale.

12/31/10 12/31/11 12/3/12

Amortizedcost $491,150 $519,442 $550,000

Fairvalue $497,000 $509,000 $550,000

Instructions (a) prepare the adjusting entry to record the bonds at fairvalue at December 31, 2010. The securities Fair ValueAdjustment account has a debit balance of $1,000 prior toadjustment. (b) Prepare the adjusting entry to record the bonds at fairvalue at December 31, 2011.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9797624

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