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Question 4 2 pts OurNewCO sold its Boring bond (AFS) for its fair value, $900,000) January 1, 2021. The balances from 12/31/2020 are follows: CASH
Question 4 2 pts OurNewCO sold its Boring bond (AFS) for its fair value, $900,000) January 1, 2021. The balances from 12/31/2020 are follows: CASH REVENUE AMORT CV 885301 6/30/2020 50,000 53118.06 3,118 888,419 12/31/2020 50,000 53305.14 3,305 891,724 On 12/31/2020 the FV adjustment account had a debit balance of $8276. The face amount of the Boring Bonds is $1,000,000. Write out the journal entries needed to record this sale. Then complete the statements below
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