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Can i get help with the wrong ones please that is the all the information that i was given On July 1, 2020, West Company

Can i get help with the wrong ones please

that is the all the information that i was given

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On July 1, 2020, West Company purchased for cash, six $10,000 bonds of North Corporation to yield 10%. The bonds pay 9% interest, payable on a semiannual basis each July 1 and January 1, and mature on July 1, 2023. The bonds are classified as AFS securities. The annual reporting period ends December 31. Assume the effective interest method of amortization of any discount or premium. Amortization Schedule Journal Entries and FS Presentation for 2020 Journal Entries for 2021 a. Prepare a bond amortization schedule for 2020 and 2021 using the effective interest method. Note: Round each amount to the nearest whole dollar. Use the rounded amount for later calculations in the schedule. Date Stated Interest Market Interest Discount Bond Amortization Amortized Cost $ 58,476 x July 1, 2020 Jan. 1, 2021 $ July 1, 2021 $ 2,924 $ 224 2,700 2,700 58,700 x 58,935 x 2,935 235 b. Record the entry for the purchase of the bonds by West Company on July 1, 2020. C. Record the adjusting entries by West Company on December 31, 2020, to accrue interest revenue and adjust the investment to fair value. The fair value of the bonds at December 31, 2020, was $64,800. Note: List multiple debits or credits (when applicable) in alphabetical order. Note: Round each amount to the nearest whole dollar, Use the rounded amount for later calculations in the schedule Cr Date Account Name July 1, 2020 Investment in HTM Securities . a 50,000 x 07 60,000 x 5,400 x 339 X 0 5.739 X c. Dec. 31, 2020 Interest Receivable Dividend Revenue Investment Income To arcu interest revenue Dec 31, 2020 Investment Income Unrealized Gain or Loss-Income To adjust investment to fair value 7,075 X 0 4.800 x d. Indicate the effects of this investment on the 2020 income statement and year-end balance sheet. Note: List accounts in alphabetical order. . Note: Do not use a negative sign for an account with a normal balance. 2020 2,476 x 2020 Income Statement Other revenues and Gains Interest Revenue Balance Sheet, December 31 Assets Interest Receivable Interest Receivable Stockholders' Equity Unrealized Gain or Loss OCI 64.800 X (1,300) X . 4.B0D X Dr. e. Record the receipt of interest on January 1, 2021. Date Account Name Jan 1, 2021 Cash Interest Receivable 2,700 0 Cr. 0 2,700 f. After the interest receipt on July 1, 2021, two of the bonds were sold for $15,440 cash. (1) Record the receipt of interest on July 1, 2021, (2) Record the entry to adjust the two bonds to fair value (FV-OCI). (3) Record the sale, eliminating the associated Fair Value Adjustment account balance. For simplicity, ignore any fair value adjustments in 2021 related to the six remaining bonds. Note: List multiple debits or credits (when applicable) in alphabetical order. Note: Round each amount to the nearest whole dollar. Dr. Cr. OX 0 OX 0 OX Date Account Name (1) July 1, 2021 Cash Interest Receivable Cash To record receipt of interest. (2) July 1, 2021 Cash Cash To adjust to fair value investments to be sold. (3) July 1, 2021 Fair Value Adjustment--TS Investment in TS Investment in TS Interest Receivable Interest Receivable To record sale of Investments, X OX 0 0 % OX 0 0 X On July 1, 2020, West Company purchased for cash, six $10,000 bonds of North Corporation to yield 10%. The bonds pay 9% interest, payable on a semiannual basis each July 1 and January 1, and mature on July 1, 2023. The bonds are classified as AFS securities. The annual reporting period ends December 31. Assume the effective interest method of amortization of any discount or premium. Amortization Schedule Journal Entries and FS Presentation for 2020 Journal Entries for 2021 a. Prepare a bond amortization schedule for 2020 and 2021 using the effective interest method. Note: Round each amount to the nearest whole dollar. Use the rounded amount for later calculations in the schedule. Date Stated Interest Market Interest Discount Bond Amortization Amortized Cost $ 58,476 x July 1, 2020 Jan. 1, 2021 $ July 1, 2021 $ 2,924 $ 224 2,700 2,700 58,700 x 58,935 x 2,935 235 b. Record the entry for the purchase of the bonds by West Company on July 1, 2020. C. Record the adjusting entries by West Company on December 31, 2020, to accrue interest revenue and adjust the investment to fair value. The fair value of the bonds at December 31, 2020, was $64,800. Note: List multiple debits or credits (when applicable) in alphabetical order. Note: Round each amount to the nearest whole dollar, Use the rounded amount for later calculations in the schedule Cr Date Account Name July 1, 2020 Investment in HTM Securities . a 50,000 x 07 60,000 x 5,400 x 339 X 0 5.739 X c. Dec. 31, 2020 Interest Receivable Dividend Revenue Investment Income To arcu interest revenue Dec 31, 2020 Investment Income Unrealized Gain or Loss-Income To adjust investment to fair value 7,075 X 0 4.800 x d. Indicate the effects of this investment on the 2020 income statement and year-end balance sheet. Note: List accounts in alphabetical order. . Note: Do not use a negative sign for an account with a normal balance. 2020 2,476 x 2020 Income Statement Other revenues and Gains Interest Revenue Balance Sheet, December 31 Assets Interest Receivable Interest Receivable Stockholders' Equity Unrealized Gain or Loss OCI 64.800 X (1,300) X . 4.B0D X Dr. e. Record the receipt of interest on January 1, 2021. Date Account Name Jan 1, 2021 Cash Interest Receivable 2,700 0 Cr. 0 2,700 f. After the interest receipt on July 1, 2021, two of the bonds were sold for $15,440 cash. (1) Record the receipt of interest on July 1, 2021, (2) Record the entry to adjust the two bonds to fair value (FV-OCI). (3) Record the sale, eliminating the associated Fair Value Adjustment account balance. For simplicity, ignore any fair value adjustments in 2021 related to the six remaining bonds. Note: List multiple debits or credits (when applicable) in alphabetical order. Note: Round each amount to the nearest whole dollar. Dr. Cr. OX 0 OX 0 OX Date Account Name (1) July 1, 2021 Cash Interest Receivable Cash To record receipt of interest. (2) July 1, 2021 Cash Cash To adjust to fair value investments to be sold. (3) July 1, 2021 Fair Value Adjustment--TS Investment in TS Investment in TS Interest Receivable Interest Receivable To record sale of Investments, X OX 0 0 % OX 0 0 X

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