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Prepare the entry to record the receipt of interest on july

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On January 1, 2021, Teal Mountain Inc., a public company, purchased $660,000 of Pearl Corporation's five-year, 4% bonds for $690,433 when the market interest rate was 3%. Interest is received semi-annually on July 1 and January 1. Teal Mountain's year end is December 31. Teal Mountain intends to hold Pearl's bonds until January 1, 2026, the date the bonds mature. The bonds' fair value on December 31, 2021, was $680,000.

Problem 1: Record the purchase of the bonds on January 1, 2021.

Problem 2: Prepare the entry to record the receipt of interest on July 1, 2021.

Reference no: EM132742690

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