Account and balances on balance sheet

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Janson Company purchased $50,000, 8%, 20-year bonds for $47,000 cash on January 1, 2011. The bonds pay interest semiannually on June 30 and December 31. The bonds are purchased as available for sale securities. Straight-line amortization of any premium or discount is required. The fair market value of the bonds on December 31, 2011 is $49,000. (1) What account(s) and balances should be reported on the 2011 income statement? (2) What account(s) and balances should be reported on the December 31, 2011 balance sheet?

Reference no: EM13142128

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