Reference no: EM133108171
Question - Available for Sale - On Jan 1, 2018 your company purchases a 5 year $100,000 bond with a stated rate of 5% and a yield of 3% for $109,160. Interest is paid annually on 12/31. You determine that the investment should be treated as an Available for Sale Security.
Fair Value of the bond: 12/31/2018-$107,400; 12/31/2019-$106,000; 12/31/2020-$104,000
Required -
a) Record purchase on January 1, 2018.
b) Create a Bond Amortization schedule through 12/31/2020.
c) Record journal entry for interest revenue on December 31, 2019.
d) Determine the fair value adjustment at the end of 12/31/2018, 2019 and 2020.
What is the journal entry needed if you sold this bond at Jan 1, 2021 for $104,000?
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