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Attempt in Progress On January 1, 2021, Flint Inc. purchased a 20-year bond to earn interest with a face value of $420,000. Flint has a
Attempt in Progress On January 1, 2021, Flint Inc. purchased a 20-year bond to earn interest with a face value of $420,000. Flint has a December 31 year end The bond was issued on January 1, 2021 by Zhou Appliances Ltd. with a 7.40% stated interest rate, when the market interest rate was 7.9%. The cash received at the issuance of the bond was $399,062. Interest is payable semi-annually on July 1 and January 1. Zhou has a December 31 year end, Also, on January 1, 2021 Flint Inc. purchased a 60-day treasury bill with a maturity value of $38,700. They paid $37,590. Record all of the entries on the books of Zhou Appliances Ltd. from January 1, 2021 to January 1, 2022 inclusive. (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 for the amounts. Round answers to 2 decimal places, eg. 52.75.) Date Account Titles and Explanation Debit Jan. 1, 2021 Credit Investment at Amortized Cost, Bond Cash 399.062 July 1, 2021 Cash Investment at Amortized Cost, Bond Interest Revenue Dec. 31, 2021 Interest Receivable Interest Revenue Jan. 1, 2022 Cash Interest Receivable
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