MA-4 (Algo) Recording a Bond Investment Held as Trading Securities LO A-1 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 $773,750. The bond investment was sold on July 1, 2025, for $809,000. 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.

MA-4 (Algo) Recording a Bond Investment Held as Trading Securities LO A-1 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 $773,750. The bond investment was sold on July 1, 2025, for $809,000. 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.

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

Chapter13: Marketable Securities And Derivatives

Section: Chapter Questions

Problem 14E

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