Requirements

Make the adjusting entries that Glimmer Pools would need to make on December 31, 2021, related to the investment in AKL bonds. How would the bonds be reported on Glimmer Pools' balance sheet as of December 31, 2021? What amount of interest revenue related to the AKL bonds would be reported on Glimmer Poolsincome statement for the year ended December 31 , 2021?

Glimmer Pools purchased $50,000 of 7% AKL bonds on January 1,2021, at a price of 1042 when the market rate of interest was 6%. Glimmer intends to hold the bonds until their maturity date of January 1,2026. The bonds pay interest semiannually on each January 1 and July 1 Read the Make the adjusting entries that Glimmer Pools would need to make on December 31, 2021, related to the investment in AKL. bonds (Record debits firat, then credits Exclude explanations from any joumal entrios.) First, record the entry for the interest recelvable at December 31,2021