Reference no: EM133173536
Question - On January 1, 2022, Lenore Corp. purchased $500,000 of 6% bonds for $522,250, which they are classifying as available for sale. Interest is payable annually on December 31. The bonds mature on December 31, 2024. Premium or discount amortization is recorded when interest is received by the straight-line method. The market value of the bonds at December 31, 2022 is 525,000.
Required -
1. Prepare the entry to record the acquisition on January 1, 2022.
2. Prepare the entry to record the December 31, 2022 interest payment.
3. Prepare the entry to adjust the investment to fair value at December 31, 2022.
4. The bonds are sold on January 1, 2023 for $520,000. Prepare any entries necessary to record the sale.
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