Instructions Security Par Value Amortized Cost 12/31/18 Fair Value Ivan Company 5% bonds, maturing on Dec 31, 2028 $10,000 Taylor Company % bonds, maturing on Dec 31, 2023 $40,000 Totals $8,400 $0.400 $43,200 $41,800 $51,000 $51,200 During 2018, the following transactions occured Mar. 31 Mar. 31 June 30 Dec 31 Purchased Hill Company % bonds with a facervalue of $20,000 for $20,000 plus accredit interest is payable on the bonds each June 30 and December 31. Sold the Taylor Company investment for $42.000 plus accrued interest. The Taylor bonds pay interest on December 31 of each year. Received the semiannual interest on the Hill Company bonds Received the annual interest on the Ivan Company bonds and the semiannual interest on the Hil Company bonds The December 31 closing market prices were as follows: Ivan Company bonds, $9,000, and Hill Company 8% bonds $20,100. Akers uses the straight-line method to amortize any discounts of premiums Required: 1. Prepare journal entries to record the preceding information 2. Show what is reported on Akers's 2019 income atatement 3. Assuming the investment in Ivan Company bonds is considered to be a curent asset and the investment in Hill Company bonds is considered to be a nonument asset show how all the items are reported on Akers's December 31, 2018, balance sheet eBook GENERAL JOURNAL DATE ACCOUNT TITLE I 1 1 14 21 17 INGE1 POST DEBIT CREDIT Income Statement 2. Show what is reported on Akers's 2019 income statement Income Statement Instructions Balance Sheet Akers Company Partial Income Statement For the Year Ended December 31, 2019 I 3. Assuming the investment in Ivan Company bonds is considered to be a c ent asset and the investment in Hit Company bonds is considered a noncurrent asset, show December 21, 200 c sheet Balance Sheet Instruction Akers Company Partial Balance Sheet December 31, 2019 Cument Assets I Noncurrent Assets