On January 1, 2021, Hoosier Company purchased $916,000 of 10% bonds at face value. The bond market value was $973,000 on December 31, 2021. Required: Prepare the appropriate journal entry on December 31, 2021, to properly value the bonds assuming the bonds are classified as:
(If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Trading securities. Securities available-for-sale. Held-to-maturity securities
Trading securities
| Debit | Credit | |
| Fair value adjustment | 57,000 | |
| Unrealized holding gain or loss - NI | 57,000 |
Securities available for sale
| Debit | Credit | |
| Fair value adjustment | 57,000 | |
| Unrealized holding gain or loss - OCI | 57,000 |
Held to maturity securities
| Debit | Credit | |
| No entry | ||
On January 1, 2021, Hoosier Company purchased $916,000 of 10% bonds at face value. The bond...