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ISBN: 9780077632878
Author: Wild
Publisher: MCG
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Chapter 15, Problem 15SP
To determine

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It is combination of held to maturity and trading securities. It means this kind of securities can be sold before its maturity and can be hold till its maturity.

To determine:

1. Prepare journal entries to record the April purchases of trading securities.

2. Prepare adjusting entry to record any necessary fair value adjustment.

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