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Question - On July 1, 2020, Ribbet Company, a private company, decided to buy $287,000, 6% 15-year bonds at par, issued by a private company in the US. The semi-annual payments are made on January 1 and July 1. The company intends to sell these bonds within the next six to nine months. Ribbet Company records the bonds using the fair value through net income method, in compliance with ASPE. Ribbet Company has a year-end of September 30.
a) Record acquisition of the bonds.
b) Assume that on September 30, 2020, the market value of the bonds decreased significantly to $258,300 due to a change of market interest rate. Prepare the journal entry to make the adjustment on this date. You do not need to record the interest accrued for this question.
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