Martinez Corporation purchased trading investment bonds for $56,000 at par. At December 31, Martinez received annual interest of $2,240, and the fair value of the bonds was $53,400. Prepare Martinez’s journal entries for the purchase of the investment, the interest received, and the fair value adjustment. (Assume a zero balance in the Fair Value Adjustment account.) Show transcribed image text Martinez Corporation purchased trading investment bonds for $56,000 at par. At December 31, Martinez received annual interest of $2,240, and the fair value of the bonds was $53,400. Prepare Martinez’s journal entries for the purchase of the investment, the interest received, and the fair value adjustment. (Assume a zero balance in the Fair Value Adjustment account.)
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