Reference no: EM132778254
Question - At December 31, 20x3, Campbell Inc., a public company, holds the following investments on its balance sheet (all were purchased in 20x3):
Classification Purchase Price
Market Value at December 31, 20x3
Harris Inc. FVTOCI $350,000 $325,000
Sterling Co. FVTOCI 675,000 450,000
Total Investments $1,025,000 $775,000
Campbell entered into the following transactions during the year ended December 31, 20x4:
Purchase of 10 year bonds in Pryce Inc. for $560,000. The face value of the bonds is $600,000. The purchase took place on July 1, 20x4 and the bonds pay interest semi-annually on June 30 and Dec 31. The coupon rate of the bonds is 4%. This investment is expected to be held for the full ten years to realize the interest and principal repayment of the bonds.
Sale of investment of Sterling Co. for $90,000
At December 31, 20x4, the investments had the following fair values:
Harris Inc. $425,000
Pryce Inc. 580,000
Required - Prepare all journal entries related to the above for the years ended December 31, 20x3 and December 31, 20x4.
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