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Elkhardt Front Inc. made the following bond investment during the year for the purpose of trading. Assume Elkhardt uses the fair va through profit or
Elkhardt Front Inc. made the following bond investment during the year for the purpose of trading. Assume Elkhardt uses the fair va through profit or loss model and has a fiscal year end at March 31, 2022. Feb. 1,2022 Purchased Arnprior Bonds at par for $26,500. Interest is paid semi-annually at a rate of 4% on February 1 and August 1 each year Mar. 31, 2022 The Arnprior Bonds were trading at 101. Aug. 1.2022 Collected interest on the Armprior Bonds. Sold the Arnprior Bonds for $27.030. Aug. 2. 2022 (a) Record the above transactions and any necessary adjusting entries for Elkhardt Front at its year end of March 31, 2022. (Round answers to 0 decimal places, eg. 125. Credit account titles are automaticah in
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