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For Journal entries I showed all the accounts that are available!
On 1 January 20X4, Queen Company purchased $5,600,000 of Sport Corp. 8% bonds, classified as an FVOCI-Bonds investment. The bonds pay semi-annual interest each 30 June and 31 December. The market interest rate was 6% on the date of purchase. The bonds mature on 31 December 20X8. (PV of S1. PVA of $1, and PVAD of $1) (Use appropriate factor(s) from the tables provided) Required: 1. Calculate the price paid by Queen 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.) Price paid 2. Construct a table that shows interest revenue reported by Queen, and the carrying value of the investment for the first two interest periods. Use the effective-interest method. (Round your answers to the nearest whole dollar amount.) Period Cash Payment 3% Interest Revenue Premium Amortization Bond Carrying Value 0 1 2 3. Queen has a June 30 year-end. On June 30, 20X4, the fair value of the investment was $5,900,000. Prepare the journal entries required on June 30 related to this investment. (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.) View transaction list Journal entry worksheet Journal entry worksheet 1 2 2 Record the Interest revenue. Note: Enter debits before credits. Date General Journal Debit Credit 30 June 20X4 Record entry Clear entry View general Journal View transaction list Journal entry worksheet k Record the adjustment to fair value. ces Note: Enter debits before credits. General Journal Debit Credit Date 30 June 20X4 Record entry Clear entry View general Journal Journal entry worksheet Record the Interest revenue for December 31. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 No journal entry required Accounts payable Cash Interest revenue Investment in FVOCI-B: Sport Company bonds Record ent View general journal