General Corporation purchased $938,000 of bonds with a coupon rate of 10% at face value on December 5, 2021. The market price of the bond was $984,000 on December 31, 2021. Required: Prepare the appropriate Journal entry on December 31, 2021, to properly value the bonds assuming the bonds are classified as: (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Ignore the journal entry for coupon payment and Interest recognition. 1. Trading securities. 2. Securities available-for-sale. 3. Held-to-maturity securities. View transaction list Journal entry worksheet 1 2 3 <> Record the unrealized holding gain or loss for trading securitles. Note: Enter debits before credits. Transaction General Journal Debit Credit

General Corporation purchased $938,000 of bonds with a coupon rate of 10% at face value on December 5, 2021. The market price of the bond was $984,000 on December 31, 2021. Required: Prepare the appropriate Journal entry on December 31, 2021, to properly value the bonds assuming the bonds are classified as: (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Ignore the journal entry for coupon payment and Interest recognition. 1. Trading securities. 2. Securities available-for-sale. 3. Held-to-maturity securities. View transaction list Journal entry worksheet 1 2 3 <> Record the unrealized holding gain or loss for trading securitles. Note: Enter debits before credits. Transaction General Journal Debit Credit

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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How do you solve portion B and C. I don't understand the calcuations.
answer in text form please (without image
answer is A: how do you get to this answers?
Please explain proper steps by Step and Do Not Give Solution In Image Format ? And Fast Answering Please ?
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