On 1 June 20X8, Ghana Company purchased $8,400,000 of Monaco Corp. 3.80% bonds, classified as a FVOCI-Bond investment. The bonds pay semi-annual interest each 30 May and 30 November. The market interest rate was 4% on the date of purchase. The bonds mature on 30 May 20X13.

(PV of $1, PVA of $1, and PVAD of $1.) (Use appropriate factor(s) from the tables provided.)

Required: 1. Calculate the price paid by Ghana Company. (Round time value factor to 5 decimal places. Round your intermediate calculations to 2 decimal places and final answer to the nearest whole dollar amount.)

2. Construct a table that shows interest revenue reported by Ghana, and the carrying value of the investment, for each interest period for four interest periods. Use the effective-interest method. (Round your answers to the nearest whole dollar amount.)

3. Prepare the entries for 20X8 and for 20X9, including the year-end accrual, based on your calculations in requirement 2. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your answers to the nearest whole dollar amount.)

4. At the year-end, 31 December 20X8 and 31 December 20X9, the fair value of the bonds was $8,550,000 and $7,955,000 respectively. Prepare the entries to record the changes in fair value. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your answers to the nearest whole dollar amount.)