Reference no: EM133008792
Question - On January 1, 2021, Hoist Up Company (HUC) purchased bonds of Southern Inc. that had the following characteristics: 12% coupon rate, $300,000 face value, maturing on December 31, 2025, and interest paid annually on December 31. The bonds were purchased by HUC for $311,087.69. The fair value of the bonds at December 31, 2021was $320,500. The fair value of the bonds at December 31, 2022 was $309,800. The bonds are not considered to be impaired.
REQUIRED -
1. What was the effective yield on these bonds?
2. Prepare bond amortization table for this bond investment.
3. Assume that HUC accounts for these bonds using the amortized cost method. Prepare journal entries for the following dates using the net method (round to the nearest dollar):
a) January 1, 2021;
b) December 31, 2021; and
c) December 31, 2022.
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