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25-05-2023
Business

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"On January 1, 2020, Smith Co. paid $320,000 for bonds having a maturity value of $300,000. The bonds were classified as available for sale. On December 31, 2020, the fair value of the bonds was $340,000.

a. Prepare the journal entry at the date of the bond purchase.

b. Prepare the journal entry to record the recognization of fair value on December 31, 2020.

"

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Can u answer fast please