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Record the Journal Entry for the purchase of the land

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Question - On 1/1/20, Expecto Patronum Productions issued a 3%, 20 year, $1,000,000 Bond Payable in exchange for the following assets. Related securities currently require a 5% return.

Asset

Book Value

Fair Value

Land

$100,000

$200,000

Buildings

$200,000

$150,000

Equipment

$50,000

$100,000

Inventory

$100,000

$50,000

Required -

1. Record the Journal Entry for the purchase of the land.

2. Prepare the amortization schedule for the bond payable.

Reference no: EM133078369

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