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Appling Enterprises issued 9% bonds with a face amount of $580,000 on January 1, 2024. The bonds sold for $530,239 and mature in 2043
Appling Enterprises issued 9% bonds with a face amount of $580,000 on January 1, 2024. The bonds sold for $530,239 and mature in 2043 (20 years). For bonds of similar risk and maturity the market yield was 10%. Appling determines interest expense at the effective rate. Interest is paid semiannually on June 30 and December 31. Appling elected the option to report these bonds at their fair value. The fair values of the bonds at the end of each quarter during 2024 as determined by their market values in the over-the-counter market were the following: March 31 June 30 $ 560,000 540,000 September 30 535,000 542,000 December 31 General (risk-free) interest rates did not change during 2024. Required: 1. By how much will Appling's comprehensive income be increased or decreased by the bonds (ignoring taxes) in the March 31 quarterly financial statements? 2. By how much will Appling's comprehensive income be increased or decreased by the bonds (ignoring taxes) in the June 30 quarterly financial statements? 3. By how much will Appling's comprehensive income be increased or decreased by the bonds (ignoring taxes) in the September 30 quarterly financial statements? 4. By how much will Appling's comprehensive income be increased or decreased by the bonds (ignoring taxes) in the December 31 annual financial statements? Note: For all requirements, do not round your intermediate calculations. Round your final answers to the nearest whole dollar. 1. Appling's comprehensive income will be 2. Appling's comprehensive income will be 3. Appling's comprehensive income will be 4. Appling's comprehensive income will be decreased decreased increased decreased by $ 29,761 by by $ 5,000 by
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