Pete sampras corporation purchased for 22500 as a trading, Financial Accounting

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Pete sampras corporation purchased for 22500 as a trading

Pete Sampras Corporation purchased for $22,500 as a trading investment bonds with a face value of $20,000. At December 31, Sampras received annual interest of $2,000, and the fair value of the bonds was $20,900. Prepare Sampras’ journal entries for

(a) The purchase of the investment,

(b) The interest received, and

(c) The fair value adjustment.

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Financial Accounting: Pete sampras corporation purchased for 22500 as a trading

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