Reference no: EM131760121
Michek Company loans Sarasota Company $2,000,000 at 6% for 3 years on January 1, 2017. Michek intends to hold this loan to maturity. The fair value of the loan at the end of each reporting period is as follows.
December 31, 2017 $2,050,000
December 31, 2018 2,020,000
December 31, 2019 2,000,000
Prepare the journal entry(ies) at December 31, 2017, and December 31, 2019, for Michek related to these bonds, assuming (a) it does not use the fair value option, and (b) it uses the fair value option. Interest is paid on January 1.
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