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please help solve the blank questions! I don't know what to do for the journal entries. and mature in three years on July 1 .
please help solve the blank questions!
I don't know what to do for the journal entries.
and mature in three years on July 1 . The bonds are dassified as trading securties. West Company's anmal reporting period ends December 31 . Assume the effective interest method of amertization of any discounts or premiums: Note: When answering the following questions, round answers to the nearest whole dollar. Prepare a band amortization schedule for the Ife of the bonds wing the effective interest method b. Record the entry for the purchase of the bends by West company on Jaly 1 of Year 1 . c Record the adjusting entries by West Company on Decembet 31 of Year to accrue interest revenue and record the unseaised gain or lass. The fair value of the bonds on December 31 of Year 1 was 65,000 : Record the receipt of interest on january 1 of Year 2 B. Record the sale of all of the bonds on jamuary 2 of year 2 for $166,100 f. Record the adjustment to the Fair Value Adjustment account on December 31 of year 2 , assuming no additional TS irvestments Step by Step Solution
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