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help please On January 1, 2020, Pina, Inc. purchased 10% bonds having a maturity value of $482,000 for $497,617.76. The bonds provide the bondholders with
help please On January 1, 2020, Pina, Inc. purchased 10% bonds having a maturity value of $482,000 for $497,617.76. The bonds provide the bondholders with an 9% yield. The bonds are dated January 1, 2020, and mature January 1, 2024, with interest receivable on January 1 of each year. Pina, Inc. uses the effective interest method to allocate unamortized discount or premium. The bonds are classified as available-for-sale. The fair value of the bonds at December 31 of each year-end is as follows. 2020 $492,800 2021 $493,700 2022 $488,400 2023 $482,000 Prepare the journal entry at the date of the bond purchase. (Round answers to 2 decimal places, e.g. 5,125.67. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Date Account Titles and Explanation Debit Credit Jan. 1. 2020 Prepare the journal entries to record the interest revenue and recognition of fair value for 2020. (Round answers to 2 decimal places, e.g. 5,125.67. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts.) Date Account Titles and Explanation Debit Credit Dec. 31, 2020 (To record interest revenue) (To record recognition of fair value) Prepare the journal entry to record the recognition of fair value for 2021. (Round answers to 2 decimal places, eg. 5,125.67. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Date Account Titles and Explanation Debit Credit Dec. 31. 2021
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