Use the Following Information for Questions

question 3

Short Answer

Use the following information for questions
On January 1, 2021, Marianne Corp.purchased $50,000, of Robin Ltd.'s 4%, 10-year bonds for $48,000, since the market interest rate was approximately 4.5%.The bonds pay interest on January 1 and July 1.Marianne has a calendar year end, and classified the bonds as long-term investments.The fair value on December 31, 2021 was $48,500.Marianne sold the bonds on January 2, 2022 for $48,500.
-The adjusting entry for interest on December 31, 2021, is

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Definitions:

Metamorphosed Rocks

Rocks that have undergone a change in mineral composition and texture due to extreme heat and pressure conditions.

Wedge-Shaped Zone

A geological area characterized by its wedge or triangular shape, often indicating tectonic activity or sediment accrual at plate boundaries.

Accretionary Prism

A geological structure formed by the accumulation of sedimentary and oceanic plate material scraped off a subducting plate, typically found at convergent plate boundaries.

Metamorphosed Rocks

Rocks that have undergone a transformation in mineralogy, texture, or chemical composition due to exposure to high pressures and temperatures.