Reference no: EM132899434
Question - On January 1, 2021, Flint Inc. purchased a 20-year bond to earn interest with a face value of $420,000. Flint has a December 31 year end.
The bond was issued on January 1, 2021 by Zhou Appliances Ltd. with a 7.40% stated interest rate, when the market interest rate was 7.9%. The cash received at the issuance of the bond was $399,062. Interest is payable semi-annually on July 1 and January 1. Zhou has a December 31 year end.
Also, on January 1, 2021 Flint Inc. purchased a 60-day treasury bill with a maturity value of $38,700. They paid $37,590.
-What is the carrying value of the investment on the books of Flint Inc. at December 31, 2021?
-Indicate whether the investment would be classified as a current or non-current asset on the balance sheet.
Investment would be classified as
non-current asset
long-term assets
long-term liabilities
current liabilities
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