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Fister Links Products owns Microsoft bonds, considered by the company to be securities available-for-sale. The...

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Accounting

Fister Links Products owns Microsoft bonds, considered by the company to be securities available-for-sale. The bonds were acquired at a cost of $500,000. At the end of 2021, their fair value was $610,000 and their amortized cost was $510,000. At the end of 2022, their fair value was $600,000 and their amortized cost was $520,000. (a) At what amount will the investment be reported in the December 31, 2021, balance sheet?
(b) What adjusting entry is required to accomplish this objective (ignore interest)?

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