prepare journal entry

g. investment - FV-OCI

g. Investments -FV-OCI On December 31, 2020, the fair value per share of Hub Cap Company was $11.25 per share. Aylmer decided to sell its shares in Hub Cap Company at that time (sale was not recorded on the trial balance). Hint: after you record the sale, be sure to close the gain or loss on sale to retained earnings similar to how the sale was accounted for in TR11-7 in class. In the excel spreadsheet, see the tab "FV-OCI Investments" to perform any necessary calculations. h. Bank Loan The loan for $8,000,000 was borrowed at January 1, 2020. Interest on the bank loan is 2.75% annually. Interest has to be paid every January 2, so the first interest payment is due January 2, 2021. No principal payments were made during the year. Of the bank loan, $2,000,000 is due June 30, 2021 with the remainder due June 30, 2026. i. Notes Payable This is a short-term note. The company borrowed money from JRT Investments on October 31, 2020 for 3 months. The principle, along with interest is to be repaid on January 31, 2021. The interest rate is 1.5%. j. Long-term contracts A B D E F G H 1 COST 212,000.00 2 3 Purchase 4 Date Description 5 6/15/2020 20,000 shares of Hub Cap Company 6 7 B 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23