Answered step by step
Verified Expert Solution
Question
1 Approved Answer
I need you to solve the whole questions the parts I solved i need u to solve those also and please do according to the
I need you to solve the whole questions the parts I solved i need u to solve those also and please do according to the pattern be carefull with the journal enteries sometimes there are only three boxes and u guys write four of them so I need it according to the pattern.
On January 1, 2020, Grouper Corp. acquires $312.000 of Spider Products Inc.8% bonds at a price of $289,127. The interest is payable each December 31, and the bonds mature on December 31, 2022. The investment will provide Grouper Corp.with a 11% yield. Grouper Corp. applies IFRS and accounts for this investment using the amortized cost model. Prepare a three-year bond amortization schedule. (Round answers to decimal places, eg. 5,275.) Interest Income iscount Amortization terest Method Cash Received Interest Income Bond Discount Amortization Carrying Amount of Bonds 289127 24960 $ 31804 $ 6844 295971 24960 322557 7597 303568 24960 33392 8432 312000 Prepare the journal entry to record interest received and interest income on December 31, 2021. (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 O decimal places, e.g. 5,275.) Account Titles and Explanation Debit Credit Date Dec 31, 2021 Cash 24960 Bond Investment at Amortized Cost 7597 Interest Income 322557 Prepare the journal entries to record interest received and interest income on December 31, 2022, and the maturity of the bond. (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 decimal places, e.g. 5,275.) Account Titles and Explanation Debit Credit Date Dec 31, 2022 Cash Bond Investment at Amortized Cost Interest Income I (To record collection of interest) Dec 31, 2022 Cash Bond Investment at Amortized Cost (To record maturity of bond investment) Prepare the entry for the disposal of the investment if Grouper had sold the bond on December 31, 2021 for $282,800 instead of holding it to maturity. Assume that 2021 interest received and interest income have already been recorded. (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 Ofor the amounts. Round answers to decimal places, e.g. 5,275.) Account Titles and Explanation Debit CreditStep by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started