Kiefer Corporation is a public company with a December 31 year end. On January 1, 2018, Kiefer paid $430,374 (rounded) for 12% $400,000 face value bonds of Beamer Ltd. The bonds mature on January 1, 2022 and pay interest every December 31. The market rate of interest at the time of the purchase was 9%. Kiefer accounts for these bonds using the FV-NI model. The fair market value of the Beamer bonds on December 31, 2018 and December 31, 2019 was 5433,400 and S411,800, respectively. Required: (Note: Use page 8 for supporting calculations, if necessary) (a) Prepare the journal entries to record interest revenue and interest received and the fair value adjustment required at December 31, 2019. (6 marks) (b) Prepare the journal entries to record the recognition of interest revenue and interest received and the fair value adjustment at December 31, 2020. (6 marks) (a) December 31, 2018 Journal Entry to Record Interest DR CR Journal Entry to FMV Adjustment DR CR (6) December 31, 2019 Journal Entry to Record Interest DR CR Journal Entry to record FMV Adjustment DR CR (Optional) Amortization Schedule Date Cash Interest Effective Interest Amortization CV on Note (Optional) FMV Adjustment Schedule Kiefer Corporation is a public company with a December 31 year end. On January 1, 2018, Kiefer paid $430,374 (rounded) for 12% $400,000 face value bonds of Beamer Ltd. The bonds mature on January 1, 2022 and pay interest every December 31. The market rate of interest at the time of the purchase was 9%. Kiefer accounts for these bonds using the FV-NI model. The fair market value of the Beamer bonds on December 31, 2018 and December 31, 2019 was 5433,400 and S411,800, respectively. Required: (Note: Use page 8 for supporting calculations, if necessary) (a) Prepare the journal entries to record interest revenue and interest received and the fair value adjustment required at December 31, 2019. (6 marks) (b) Prepare the journal entries to record the recognition of interest revenue and interest received and the fair value adjustment at December 31, 2020. (6 marks) (a) December 31, 2018 Journal Entry to Record Interest DR CR Journal Entry to FMV Adjustment DR CR (6) December 31, 2019 Journal Entry to Record Interest DR CR Journal Entry to record FMV Adjustment DR CR (Optional) Amortization Schedule Date Cash Interest Effective Interest Amortization CV on Note (Optional) FMV Adjustment Schedule