Flounder Corporation purchased trading investment bonds for $59,000 at par. At December 31, Flounder received annual interest of $2,360, and the fair value of the bonds was $56,500. Prepare Flounder' journal entries for (a) the purchase of the investment, (b) the interest received, and (c) the fair value adjustment. (Assume a zero balance in the Fair Value Adjustment account.) (Credit account titles are automatically indented when amount is entered. Do not

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On January 1, year 2, Connor Corporation signed a $100,000 noninterest-bearing note due in three years at a discount rate of 10%. Connor elects to use the fair value option for reporting its financial liabilities. On December 31, year 2, Connor's credit rating and risk factors indicated that the rate of interest applicable to its borrowings was 9%. The present value factors at 10% and 9% are presented below. PV factor   .751 10%, 3     periods           PV factor   .826 10%, 2     periods           PV factor   .909 10%, 1     periods     PV factor   .772 9%, 3     periods           PV factor   .842 9%, 2     periods           PV factor   .917 9%, 1     periods     At what amount should Connor present the note on the December 31, year 2 balance sheet? $82,610 $84,200 $75,100 $77,200

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