Use the Following Information for Questions

question 41

Short Answer

Use the following information for questions
On January 1, 2022, Burkett Corporation purchased, as a long-term investment, a $25,000, 5% bond, for $21,595.At this time, the market rate of interest was approximately 7%.The bond pays interest on January 1 and July 1.On December 31, 2022, the fair value of the bonds was $23,950.
-What is the entry (if any) to record the fair value adjustment on December 31, 2022? Assume the adjusting entry for the interest accrual has already been recorded.

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Definitions:

Algeria

A country in North Africa with a Mediterranean coastline and a Saharan desert interior.

Racial Inequality

The unequal treatment or perceptions of individuals based on their race or ethnicity, manifesting in various aspects of life including employment, education, and healthcare.

Apartheid

The system of institutionalized racial segregation and discrimination that existed in South Africa from 1948 until the early 1990s.

South Africa

A country located at the southern tip of the African continent, known for its diverse cultures, languages, and significant history of apartheid until the early 1990s.