On January 1, 2017, Marianne Corp

Essay

On January 1, 2017, Marianne Corp. purchased $50,000 of Robbin Company's 4%, 10-year bonds for $48,000, since the market rate was approximately 4.5%. The bonds pay interest on January 1 and July 1. Marianne Corp. has a calendar year end, and classified the bonds as a long-term investment. On December 31, 2017, the fair value of these bonds was $48,400. On January 2, 2018, Marianne sold the bonds for $48,400.InstructionsPrepare the required entries to record the above transactions and events. Round all values to the nearest dollar.