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Question - On 1/1/2009 ABC inc. purchase a 5 year $1000000, 6% bond requiring semi-annual interest payments from XYZ inc. Interest payments are scheduled to occur on 6/30 and 12/31 each year. They classify this investment as held to maturity. ABC inc. pays an amount for the bond that creates an effective yield of 5 %. Over the next 3 years interest rates rise and on 1/1/2012 ABC decides to sell their bond so that they can reinvest the proceeds into an investment with lower risk and a higher yield. At the time of the sale the bond owned by ABC is yielding 8%.
Required -
1. What will the fair value of the bond at the time of sale?
2. Assuming they sell their bond investment for cash what journal entry will ABC inc. record on 1/1/12 record the sale?
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