Maurice Tutor

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Teaching Since: May 2017
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  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 21 Aug 2017 My Price 6.00

Harper Company

Harper Company commonly issues long-term notes payable to its various lenders. Harper has had a pretty good credit rating such that its effective borrowing rate is quite low (less than 8% on an annual basis). Harper has elected to use the fair value option for the long-term notes issued to Barclay's Bank and has the following data related to the carrying and fair value for these notes. Carrying Value Fair Value December 31, 2011 $81,000 $81,000 December 31, 2012 66,000 64,000 December 31, 2013 54,000 57,000 Instructions (a) Prepare the journal entry at December 31 (Harper's year-end) for 2011, 2012, and 2013 to record the fair value option for these notes. (b) At what amount will the note be reported on Harper's 2012 balance sheet? (c) What is the effect of recording the fair value option on these notes on Harper's 2013 income

Answers

Maurice Tutor
(5)
Status NEW Posted 21 Aug 2017 05:08 PM My Price 6.00

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