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23,24,25

26,27,28

Transactions 23 through 25 relate to one another. Prepare the journal entries as necessary. 22. What is the carrying amount of the bond after recognizing interest revenue on December 31, 2018 using the effective interest method? s 602,400 V 24. Assume Panther had purchased the bond with the ability and intent to hold it to full term. Record any required adjustment to fair value of $620,000 on December 31, 2018 25. The bond was downgraded to a value of $500,000 on January 2, 2019. On that date Panther sold the entire investment. Journalize the entry for the sale. Transactions 26 through 28 relate to one another. Prepare the journal entries as necessary. Assume Panther planned to buy the bonds and sell them about half way to maturity Record any required adjustment to fair value of $620,000 on December 31, 2018 21. and 28. Panther sold the entire investment for its fair value of $640,000 on December 31, 2019. Journalize all necessary entries at the time of the sale, when the carrying amount of the bond was $607,000. 20 744 2.35 Transactions 29 and 30 relate to one another. Prepare the journal entries as necessary. 29. Assume Panther planned to buy and sell the bonds as a short-term, six-month investment. Record any required adjustment to fair value of $620,000 on December 31, 2018. 30. Panther sold the entire investment on December 31, 2018 for $608,000. Journalize the entry for the sale. Transactions 31 through 33 relate to one another. Prepare the journal entries On January 1, 2018, Barrington Industries borrowed $190,000 from Prime Bank by issuing a two-year, 10% note, with interest payable quarterly. Barrington entered into a two-year interest rate swap agreement on January 1, 2018 and designated the swap as a fair value hedge. Its intent was to hedge the risk that general interest rates will decline, causing the fair value of its debt to increase. The agreement called for the company to receive payment based on a 10% fixed interest rate on a notional amount of $190,000 and to pay interest based on a floating interest rate. The contract called for cash settlement of the net interest amount quarterly. Floating settlement rates were 10% at January 1.8% at March 31, and 6% June 30, 2018. The fair values of the swap are quotes obtained from a derivatives dealer. Those quotes and the fair values of the note are as indicated below. Fair value of interest rate swap Fair value of note payable January 1 o $ 190,000 March 31 $ 4,136 $ 194,136 June 30 $ 7,497 $ 197,497 Transactions 23 through 25 relate to one another. Prepare the journal entries as necessary. 23. What is the carrying amount of the bond after recognizing interest revenue on December 31, 2018 using the effective interest method? $ 1002 400 24. Assume Panther had purchased the bond with the ability and intent to hold it to full term Record any required adjustment to fair value of $620,000 on December 31, 2018 the bond was downgraded to a value of $500,000 on January 2, 2019. On that date Panther sold the entire investment. Journalize the entry for the sale. Transactions 26 through 28 relate to one another. Prepare the journal entries as necessary. 26. Assume Panther planned to buy the bonds and sell them about half-way to maturity Record any required adjustment to fair value of $620,000 on December 31, 2018 21. und 28. Panther sold the entire investment for its fair value of $640,000 on December 31, 2019. Journalize all necessary entries at the time of the sale, when the carrying amount of the bond was $607,000. Transactions 29 and 30 relate to one another. Prepare the journal entries as necessary. 29. Assume Panther planned to buy and sell the bonds as a short-term, six-month investment. Record any required adjustment to fair value of $620,000 on December 31, 2018, 30. Panther sold the entire investment on December 31, 2018 for $608,000. Journalize the entry for the sale. Transactions 31 through 33 relate to one another. Prepare the journal entries as necessary On January 1, 2018, Barrington Industries borrowed $190,000 from Prime Bank by issuing a two-year 10% note, with interest payable quarterly. Barrington entered into a two-year interest rate swap agreement on January 1, 2018 and designated the swap as a fair value hedge. Its intent was to hedge the risk that general interest rates will decline, causing the fair value of its debt to increase. The agreement called for the company to receive payment based on a 10% fixed interest rate on a notional amount of $190,000 and to pay interest based on a floating interest rate. The contract called for cash settlement of the net interest amount quarterly. Floating settlement rates were 10% at January 1,8% at March 31, and 6% June 30, 2018. The fair values of the swap are quotes obtained from a derivatives dealer. Those quotes and the fair values of the note are as indicated below. January 1 0 $ 190,000 March 31 $ 4,136 $ 194,136 June 30 $ 7,497 $ 197,497 Fair value of interest rate swap Fair value of note payable Transactions 23 through 25 relate to one another. Prepare the journal entries as necessary. 22. What is the carrying amount of the bond after recognizing interest revenue on December 31, 2018 using the effective interest method? s 602,400 V 24. Assume Panther had purchased the bond with the ability and intent to hold it to full term. Record any required adjustment to fair value of $620,000 on December 31, 2018 25. The bond was downgraded to a value of $500,000 on January 2, 2019. On that date Panther sold the entire investment. Journalize the entry for the sale. Transactions 26 through 28 relate to one another. Prepare the journal entries as necessary. Assume Panther planned to buy the bonds and sell them about half way to maturity Record any required adjustment to fair value of $620,000 on December 31, 2018 21. and 28. Panther sold the entire investment for its fair value of $640,000 on December 31, 2019. Journalize all necessary entries at the time of the sale, when the carrying amount of the bond was $607,000. 20 744 2.35 Transactions 29 and 30 relate to one another. Prepare the journal entries as necessary. 29. Assume Panther planned to buy and sell the bonds as a short-term, six-month investment. Record any required adjustment to fair value of $620,000 on December 31, 2018. 30. Panther sold the entire investment on December 31, 2018 for $608,000. Journalize the entry for the sale. Transactions 31 through 33 relate to one another. Prepare the journal entries On January 1, 2018, Barrington Industries borrowed $190,000 from Prime Bank by issuing a two-year, 10% note, with interest payable quarterly. Barrington entered into a two-year interest rate swap agreement on January 1, 2018 and designated the swap as a fair value hedge. Its intent was to hedge the risk that general interest rates will decline, causing the fair value of its debt to increase. The agreement called for the company to receive payment based on a 10% fixed interest rate on a notional amount of $190,000 and to pay interest based on a floating interest rate. The contract called for cash settlement of the net interest amount quarterly. Floating settlement rates were 10% at January 1.8% at March 31, and 6% June 30, 2018. The fair values of the swap are quotes obtained from a derivatives dealer. Those quotes and the fair values of the note are as indicated below. Fair value of interest rate swap Fair value of note payable January 1 o $ 190,000 March 31 $ 4,136 $ 194,136 June 30 $ 7,497 $ 197,497 Transactions 23 through 25 relate to one another. Prepare the journal entries as necessary. 23. What is the carrying amount of the bond after recognizing interest revenue on December 31, 2018 using the effective interest method? $ 1002 400 24. Assume Panther had purchased the bond with the ability and intent to hold it to full term Record any required adjustment to fair value of $620,000 on December 31, 2018 the bond was downgraded to a value of $500,000 on January 2, 2019. On that date Panther sold the entire investment. Journalize the entry for the sale. Transactions 26 through 28 relate to one another. Prepare the journal entries as necessary. 26. Assume Panther planned to buy the bonds and sell them about half-way to maturity Record any required adjustment to fair value of $620,000 on December 31, 2018 21. und 28. Panther sold the entire investment for its fair value of $640,000 on December 31, 2019. Journalize all necessary entries at the time of the sale, when the carrying amount of the bond was $607,000. Transactions 29 and 30 relate to one another. Prepare the journal entries as necessary. 29. Assume Panther planned to buy and sell the bonds as a short-term, six-month investment. Record any required adjustment to fair value of $620,000 on December 31, 2018, 30. Panther sold the entire investment on December 31, 2018 for $608,000. Journalize the entry for the sale. Transactions 31 through 33 relate to one another. Prepare the journal entries as necessary On January 1, 2018, Barrington Industries borrowed $190,000 from Prime Bank by issuing a two-year 10% note, with interest payable quarterly. Barrington entered into a two-year interest rate swap agreement on January 1, 2018 and designated the swap as a fair value hedge. Its intent was to hedge the risk that general interest rates will decline, causing the fair value of its debt to increase. The agreement called for the company to receive payment based on a 10% fixed interest rate on a notional amount of $190,000 and to pay interest based on a floating interest rate. The contract called for cash settlement of the net interest amount quarterly. Floating settlement rates were 10% at January 1,8% at March 31, and 6% June 30, 2018. The fair values of the swap are quotes obtained from a derivatives dealer. Those quotes and the fair values of the note are as indicated below. January 1 0 $ 190,000 March 31 $ 4,136 $ 194,136 June 30 $ 7,497 $ 197,497 Fair value of interest rate swap Fair value of note payable