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Prepare blossoms journal entries for purchase

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Question - Blossom Company purchased, on January 1, 2017, as an available -for-sale security, $88,000 of the 12 %, 5-year bonds of Chester Corporation for $ 81,958, which provides an 14% return.

Prepare Blossoms journal entries for (a) the purchase of the investment, (b) the receipt of annual interest and discount amortization, and (c) the year-end fair value adjustment. (Assume a zero balance in the Fair Value Adjustment account.) The bonds have a year-end fair value of $83,600. Round answers to 0 decimal places.

Reference no: EM132537406

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