Provide the necessary journal entries for 2020

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Question: Vincent Van Gogh company purchased $100,000 par value, 10%, ten-year bonds on January 1,2020, when the market rate was 11%. It classified this investment as available for sale. Interest is payable annually on December 31st. On December 31st, 2020, the fair value of the investment was $97,500. The company did not invest in any additional available for sale securities in 2020. Provide the necessary journal entries for 2020. Indicate whether any unrealized gains/losses are reported in net income or other comprehensive income.

Reference no: EM133340967

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