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Prepare the journal entry related to the held-to-maturity

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On December 31, 2015, MLJ Company purchased 5-year, $170,000 bond with a 7% interest rate and a 10% yield. The bonds pay interest annually. The following table presents the fair value of these bonds at year-end:

                                  12/31/16                   12/31/17               12/31/18                 12/31/19                12/31/20

Fair value             $153,200                    $159,500                   $162,900               $166,500                $170,000

Question a) Prepare the amortization schedule for the bonds.

Question b) Prepare the journal entry to record the purchase of these bonds on December 31, 2015, assuming the bonds are classified as held-to-maturity securities.

Question c) Prepare the journal entry related to the held-to-maturity bonds for 2016.

Question d) Prepare the journal entry related to the held-to-maturity bonds for 2018.

Question e) Prepare the journal entry to record the purchase of these bonds, assuming they are classified as available-for-sale.

Question f) Prepare the journal entries related to the available-for-sale bonds for 2016.

Question g) Prepare the journal entries related to the available-for-sale bonds for 2018.

Reference no: EM132595236

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