Prepare journal entries to capture the following events. Please ignore the interests and bond amortization. Use a tax rate of 20% if you need one. 1. 12/15/2021: Purchased $200,000 of Harbox bonds, which is viewed as an AFS investment. 2. 12/31/2021: Estimated the fair value of the Harbox investment at $187,000. 3. 1/15/2022: Sold the Harbox investment for $162,000 and made all necessary entries to remove the Harbox investment from the accounts: a. Sale of investments: b. Reclassification (For expediency, you don't need to record the temporary unrealized gains/losses between 12/31/2021 and 1/15/2022, since they will be reversed anyways):

Prepare journal entries to capture the following events. Please ignore the interests and bond amortization. Use a tax rate of 20% if you need one. 1. 12/15/2021: Purchased $200,000 of Harbox bonds, which is viewed as an AFS investment. 2. 12/31/2021: Estimated the fair value of the Harbox investment at $187,000. 3. 1/15/2022: Sold the Harbox investment for $162,000 and made all necessary entries to remove the Harbox investment from the accounts: a. Sale of investments: b. Reclassification (For expediency, you don't need to record the temporary unrealized gains/losses between 12/31/2021 and 1/15/2022, since they will be reversed anyways):

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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