Business, 30.11.2020 01:10 20shearcorr
On January 1, 2020, Ivanhoe Company purchased 12% bonds, having a maturity value $325,000 for $349,639.81. The bonds provide the bondholders 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. 2020 $347,400 2023 $334,900 2021 $333,800 2024 $325,000 2022 $332,800 (a) Prepare the journal entry at the date of the bond purchase. (b) Prepare the joumal entries to record the interest revenue and recognition of fair value for 2020. (c) Prepare the journal entry to record the recognition of fair value for 2021. (Round answers to 2 decimal places, e. g. 2,525.25.
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On January 1, 2020, Ivanhoe Company purchased 12% bonds, having a maturity value $325,000 for $349,6...
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