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Reposting because I did not include all of the information in the last one, Thanks. Journal Entry Accounts Date Debit Credit Jan 1 Held-to-Maturity Investment
Reposting because I did not include all of the information in the last one, Thanks.
Journal Entry Accounts Date Debit Credit Jan 1 Held-to-Maturity Investment in Bonds 42,000 Cash 42,000 Journal Entry Accounts Date Debit Credit Jul 1 Cash 1,750 Interest Revenue 1,750 Date Debit Credit Journal Entry Accounts 1 Held-to-Maturity Investment in Bonds Interest Receivable Jul 1,400 1,400 Lamar Insurance purchased $70,000 of 5% CBA bonds on January 1, 2018, at a price of 60 when the market rate of interest was 12%. Lamar intends to hold the bonds until their maturity date of January 1, 2028. The bonds pay interest semiannually on each January 1 and July 1. Lamar recorded the following journal entries on January 1, 2018 and July 1, 2018: (Click the icon to view the journal entries.) Read the requirements. Make the adjusting entries that Lamar Insurance would need to make on December 31, 2018, related to the investment in CBA bonds. (Record debits first, then credits. Exclude explanations from any journal entries.) First, record the entry for the interest receivable at December 31, 2018. Journal Entry Accounts Date Debit Credit Dec 31 Now record the entry for the amortization of bond discount at December 31, 2018. Now record the entry for the amortization of bond discount at December 31, 2018. Journal Entry Accounts Date Debit Credit Dec 31 How would the bonds be reported on Lamar Insurance's balance sheet as of December 31, 2018? (Abbreviation used: AFSS = available-for-sale security) The balance sheet reports of $ as a Also, the balance sheet will include the of $ What amount of interest revenue would be reported on Lamar Insurance's income statement for the year ended December 31, 2018, related to the CBA bonds? The income statement reports of $Step by Step Solution
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