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How much are the carrying amounts of the interest receivable

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Question - On January 1, 20x1, ABC Co. acquired 10%, $100,000 bonds for $94738. The bonds, together with accrued interests, are due on December 31, 20x3. The bonds are measured at amortized cost. The effective interest rate is 12%.

Required -

a. How much are the carrying amounts of the interest receivable on December 31, 20x1 and December 20x2, respectively.

b. Prepare the journal entries in 20x1 and 20x2.

Reference no: EM132529981

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