Business, 11.12.2019 23:31, roseemariehunter12
On january 1, 2020, headland company purchased 12% bonds, having a maturity value of $312,000 for $335,654.22. the bonds provide the bondholders with a 10% yield. they are dated january 1, 2020, and mature january 1, 2025, with interest received on january 1 of each year. headland company uses the effective-interest method to allocate unamortized discount or premium. the bonds are classified as available-for-sale category. the fair value of the bonds at december 31 of each year-end is as follows. 2017 $333,600 2020 $322,000
2018 $320,900 2021 $312,000
2019 $320,000
(a) prepare the journal entry at the date of the bond purchase.
(b) prepare the journal entries to record the interest revenue and recognition of fair value for 2017.
(c) prepare the journal entry to record the recognition of fair value for 2018.
Answers: 1
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On january 1, 2020, headland company purchased 12% bonds, having a maturity value of $312,000 for $3...
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