Show Attempt History Current Attempt in Progress On January 1, 2021. Skysong Inc., a public company. purchased $630,000 of Pearl Corporation's five-year, 6% bonds for $657.569 when the market interest rate was 5%. Interest is received semi-annually on July 1 and January 1. Skysong's year end is December 31. Skysong intends to hold Pearl's bonds until January 1, 2026, the date the bonds mature. The bonds' fair value on December 31, 2021. was $650.000. Your answer is partially correct. Record the purchase of the bonds on January 1, 2021. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Date Account Titles and Explanation Debit Credit Jan. 1 Investments at Amortized Cost 657596 Cash 657596 (To record purchase of investment.) Question Part Score 0.06/0.12 Your answer is partially correct. Prepare the entry to record the receipt of interest on July 1, 2021. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts. Round answers to 0 decimal places, e.g. 5,276.) Date Account Titles and Explanation Debit Credit Jul. 1 Cash 19728 Investments at Amortized Cost 16250 3478 Interest Revenue (To record collection of interest on bonds.) e Textbook and Media 0.00 Your answer is partially correct. Prepare the adjusting entry required at December 31, 2021. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts. Round answers to O decimal places, e.g. 5,276.) Date Account Titles and Explanation Debit Credit Dec. 31 Interest Receivable 19624 Investments at Amortized Cost 16250 Interest Revenue 3374 (To accrue interest revenue.) e Textbook and Media 0.07 uestion Part Score 0.07/0 Your answer is partially correct. Show the financial presentation of the bonds for Skysong on December 31, 2021. (Round answers to 0 decimal places, eg. 5,276.) SKYSONG INC. Partial Balance Sheet December 31, 2021 Non-Current Assets Investments at Amortized Cost $ 650000 e Textbook and Media 0.09 Question Part Score Vuestra SLUIT Your answer is partially correct. - Prepare the entry to record the receipt of interest on January 1, 2022. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Date Account Titles and Explanation Debit Credit Jan. 1 Cash 6852 6852 Interest Receivable (Collection of interest receivable.) e Textbook and Media 0.08/0 Question Part Score uestion Part SCO 0.08/0.11 Your answer is partially correct. Prepare the entry to record the receipt on maturity of the bonds on January 1, 2026. Assume the entry to record the last interest payment has been recorded. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Date Account Titles and Explanation Debit Credit Jan. 1 Cash 2600000 Investments at Amortized Cost 2600000 (To record maturity of bond investment.) e Textbook and Media 0.08/0.1 Question Part Score thin How would your answers to parts (a) through (c) change if the bonds were purchased for the purpose of trading? (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts. Round answers to 0 decimal places, e.g. 5,276.) Date Account Titles and Explanation Debit Credit Jan. 1 Investments at FVTPL 657569 Cash 657569 (To record purchase of investment.) Jul. 1 Cash 3478 OURE Investment Income or Loss 3478 (To record collection of interest on bonds.) Dec. 31 Interest Receivable 3374 Investment Income or Loss 3374 (To accrue interest revenue.) (To record collection of interest on bonds.) Dec. 31 Interest Receivable 3374 Investment Income or Loss 3374 OLD (To accrue interest revenue.) Dec. 31 Investment Income or Loss 6852 Investments at FVTPL 6852 (To record fair value adjustment.) e Textbook and Media Question Part Score Submit Save for Later Attempts: 1 of 3 used Show Attempt History Current Attempt in Progress On January 1, 2021. Skysong Inc., a public company. purchased $630,000 of Pearl Corporation's five-year, 6% bonds for $657.569 when the market interest rate was 5%. Interest is received semi-annually on July 1 and January 1. Skysong's year end is December 31. Skysong intends to hold Pearl's bonds until January 1, 2026, the date the bonds mature. The bonds' fair value on December 31, 2021. was $650.000. Your answer is partially correct. Record the purchase of the bonds on January 1, 2021. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Date Account Titles and Explanation Debit Credit Jan. 1 Investments at Amortized Cost 657596 Cash 657596 (To record purchase of investment.) Question Part Score 0.06/0.12 Your answer is partially correct. Prepare the entry to record the receipt of interest on July 1, 2021. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts. Round answers to 0 decimal places, e.g. 5,276.) Date Account Titles and Explanation Debit Credit Jul. 1 Cash 19728 Investments at Amortized Cost 16250 3478 Interest Revenue (To record collection of interest on bonds.) e Textbook and Media 0.00 Your answer is partially correct. Prepare the adjusting entry required at December 31, 2021. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts. Round answers to O decimal places, e.g. 5,276.) Date Account Titles and Explanation Debit Credit Dec. 31 Interest Receivable 19624 Investments at Amortized Cost 16250 Interest Revenue 3374 (To accrue interest revenue.) e Textbook and Media 0.07 uestion Part Score 0.07/0 Your answer is partially correct. Show the financial presentation of the bonds for Skysong on December 31, 2021. (Round answers to 0 decimal places, eg. 5,276.) SKYSONG INC. Partial Balance Sheet December 31, 2021 Non-Current Assets Investments at Amortized Cost $ 650000 e Textbook and Media 0.09 Question Part Score Vuestra SLUIT Your answer is partially correct. - Prepare the entry to record the receipt of interest on January 1, 2022. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Date Account Titles and Explanation Debit Credit Jan. 1 Cash 6852 6852 Interest Receivable (Collection of interest receivable.) e Textbook and Media 0.08/0 Question Part Score uestion Part SCO 0.08/0.11 Your answer is partially correct. Prepare the entry to record the receipt on maturity of the bonds on January 1, 2026. Assume the entry to record the last interest payment has been recorded. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Date Account Titles and Explanation Debit Credit Jan. 1 Cash 2600000 Investments at Amortized Cost 2600000 (To record maturity of bond investment.) e Textbook and Media 0.08/0.1 Question Part Score thin How would your answers to parts (a) through (c) change if the bonds were purchased for the purpose of trading? (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts. Round answers to 0 decimal places, e.g. 5,276.) Date Account Titles and Explanation Debit Credit Jan. 1 Investments at FVTPL 657569 Cash 657569 (To record purchase of investment.) Jul. 1 Cash 3478 OURE Investment Income or Loss 3478 (To record collection of interest on bonds.) Dec. 31 Interest Receivable 3374 Investment Income or Loss 3374 (To accrue interest revenue.) (To record collection of interest on bonds.) Dec. 31 Interest Receivable 3374 Investment Income or Loss 3374 OLD (To accrue interest revenue.) Dec. 31 Investment Income or Loss 6852 Investments at FVTPL 6852 (To record fair value adjustment.) e Textbook and Media Question Part Score Submit Save for Later Attempts: 1 of 3 used