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Intermediate Accounting Question -
Croque Madame and Daughters are in the business of selling Croquet Madame Sandwiches. on June 31st, 2020, the firm rented out a warehouse to one of its customers. The customer paid for 1 year's worth of rent in advance using 5 year bond with principal of $30,000 at 10% interest paid semi-annually. The market rate for similar bonds is 12%. Assume a arm's length transaction in an efficient market. (Reminder: if the value of the liability is unknown, we utilize the known asset being exchanged to determine its value.)
Provide the journal entries for the transaction on June 31st, 2020.
Assume that Croque Madame and Daughters prepare financial statements once a year on Dec 31st, provide the relevant transactional and adjusting entries on Dec 31st, 2020. Pay particular attention to the date of the original transaction, and the dates when interest is paid.
Provide Transactional journal entry (for interest payment received).
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