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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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 12 Aug 2017 My Price 6.00

sale security.

ABC Company buys a bond as an available for sale security. The bond has a face value of $100,000 and matures in 10 years. The coupon is 6% and interest is paid semiannually on July 1 and December 31. The market rate of interest is 4%. The bond was purchased on January 1, Year 1 for $116,351.43. The carrying value of the bond after amortization on Dec 31, Year 1 was $114,992.03. The FMV of the bond was $113, 925.00 on Dec 31, Year 1.

 

Record the entry for receipt of interest on July 1, Year 1. Show computations.

 

Make the appropriate adjusting journal entry for Dec 31, Year 1.

 

The carrying value of the bond after amortization on Dec 31, Year 2 was $113,465. 49. The FMV of the bond on Dec 31, Year 2 was $$113, 524.

 

Make the appropriate adjusting journal entry for Dec 31, Year 2.

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Maurice Tutor
(5)
Status NEW Posted 12 Aug 2017 01:08 PM My Price 6.00

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