Business, 19.10.2021 14:00, michael2737

Pronghorn Company invests $ 2,990,000 in 6% fixed rate corporate bonds on January 1, 2020. All the bonds are classified as available-for-sale and are purchased at par. At year-end, market interest rates have declined, and the fair value of the bonds is now $ 3,109,000. Prepare journal entries for Pronghorn Company to (a) record the change in fair value at 12/31/20, assuming Pronghorn does not elect the fair value option; (b) record the transactions related to these bonds in 2020, assuming that Pronghorn Company elects the fair option to account for these bonds

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Pronghorn Company invests $ 2,990,000 in 6% fixed rate corporate bonds on January 1, 2020. All the b...