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Please answer this correctly. I asked this question already and it was wrong. Question 2 of 10 6.6 / 13.89 TII Show Attempt History Current

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Question 2 of 10 6.6 / 13.89 TII Show Attempt History Current Attempt in Progress On January 1, 2020, Oriole Company purchased 6% bonds, having a maturity value of $620,000 for $535,740. The bonds provide the bondholders with a 8% yield. They are dated January 1, 2020, and mature January 1, 2027, with interest paid on June 30 and December 31 of each year. Oriole Company uses the effective-interest method to allocate unamortized discount or premium. The bonds are classified as available-for-sale category. The fair value of the bonds at December 31 of each year-end is as follows. 2020 $537,000 2023 $557,000 2021 $532,000 2024 $577,000 2022 $527,000 (a) Prepare the journal entry at the date of the bond purchase. (b) Prepare the journal entries cord the revenue and recognition of fair value for 2020 (c) Prepare the journal entry to record the recognition of fair value for 2021. (Round answers to 2 decimal places, eg. 2,525.25. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) No. Date Account Titles and Explanation Debit Credi (a) (b) (To record interest received) (To record fair value adjustment) (c) Question 2 of 10 6.6 / 13.89 TII Show Attempt History Current Attempt in Progress On January 1, 2020, Oriole Company purchased 6% bonds, having a maturity value of $620,000 for $535,740. The bonds provide the bondholders with a 8% yield. They are dated January 1, 2020, and mature January 1, 2027, with interest paid on June 30 and December 31 of each year. Oriole Company uses the effective-interest method to allocate unamortized discount or premium. The bonds are classified as available-for-sale category. The fair value of the bonds at December 31 of each year-end is as follows. 2020 $537,000 2023 $557,000 2021 $532,000 2024 $577,000 2022 $527,000 (a) Prepare the journal entry at the date of the bond purchase. (b) Prepare the journal entries cord the revenue and recognition of fair value for 2020 (c) Prepare the journal entry to record the recognition of fair value for 2021. (Round answers to 2 decimal places, eg. 2,525.25. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) No. Date Account Titles and Explanation Debit Credi (a) (b) (To record interest received) (To record fair value adjustment) (c)

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