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all numbers are wrong Blue Spruce Company has an investment in 9%,14-year bonds of Soto Company. The investment was originally purchased at par for $300
all numbers are wrong
Blue Spruce Company has an investment in 9%,14-year bonds of Soto Company. The investment was originally purchased at par for $300 in 2022, and it is accounted for at amortized cost. Early in 2023, Blue Spruce recorded an impairment on the Soto investment due to Soto's financial distress. At that time, the present value of the cash flows discounted using the original effective interest rate was $270, and the present value of the cash flows using the then current market rate was $273. In 2024, 50to returned to profitability and the Soto investment was no longer considered impaired. Prepare the entries Blue Spruce would make in 2023 and 2024 under ASPE. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Record entries in the order displayed in the problem statement. List all debit entries before credit entries.) List of Accounts Attempts: 2 of 3 used Blue Spruce Company has an investment in 9%,14-year bonds of Soto Company. The investment was originally purchased at par for $300 in 2022, and it is accounted for at amortized cost. Early in 2023, Blue Spruce recorded an impairment on the Soto investment due to Soto's financial distress. At that time, the present value of the cash flows discounted using the original effective interest rate was $270, and the present value of the cash flows using the then current market rate was $273. In 2024, 5oto returned to profitability and the Soto investment was no longer considered impaired. Prepare the entries Blue Spruce would make in 2023 and 2024 under ASPE. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Record entries in the order displayed In the problem statement. List all debit entries before credit entries.) eTextbook and Media List of Accounts Last saved 16 minutes ago. Attempts: 2 of 3 used Saved work will be auto-submitted on the due date. Autosubmission can take up to 10 minutes
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