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Sunland’s Journal Entries Assignment | Top Universities

Sunland Corporation purchased trading investment bonds for $45,000 at par. At December 31, Sunland received an annual interest of $1,800, and the fair value of the bonds was $42,200.

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Prepare Sunland’s journal entries for (a) the purchase of the investment, (b) the interest received, and (c) the fair value adjustment. (Assume a zero balance in the Fair Value Adjustment account.) (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select “No Entry” for the account titles and enter 0 for the amounts.)

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No. Account Titles and Explanation Debit Credit
(a) enter an account title enter a debit amount enter a credit amount
enter an account title enter a debit amount enter a credit amount
(b) enter an account title enter a debit amount enter a credit amount
enter an account title enter a debit amount enter a credit amount
(c) enter an account title enter a debit amount enter a credit amount
enter an account title enter a debit amount enter a credit amount

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