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Given the following amortization schedule for available-for-sale bonds, answer the questions that follow. ...

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Accounting

Given the following amortization schedule for available-for-sale bonds, answer the questions that follow.
\table[[Date,Stated Interest,Market Interest,Amortization,Bond Amortized Cost],[Jan.1, Year 1...,,,,$2,922.69
b. Assume that the estimate fair value for the bonds is $3,100 on December 31 of Year 1. Provide the adjusting entry to record the bonds at fair value on December 31 of Year 1. Assume that the Fair Value Adjustment account had a balance of $0 at January 1 of Year 1.c. Assume that the estimated fair value for the bonds is $2,800 on December 31 of Year 2. Provide the adjusting entry to record the bonds at fair value on December 31 of Year 2.
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