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record the two entries On February 18, 2024, Union Corporation purchased 2,400IBM...

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Accounting

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On February 18, 2024, Union Corporation purchased 2,400IBM bonds as a long-term investment at their face value for a total of $2,400,000. Union will hold the bonds indefinitely, and may sell them if their price increases sufficiently. On December 31,2024 , and December 31,2025 , the market value of the bonds was $2,340,000 and $2,430,000, respectively. Required: 2. \& 3. Prepare the adjusting entry for December 31, 2024 and 2025. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field

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