Question
The drop down menu for the accounts side of the Journal Entry T-Chart: Accumulated Amortization, Amortization Expense, Cash, Held-to-Maturity Investment in Bonds, Interest Receivable, Interest
The drop down menu for the accounts side of the Journal Entry T-Chart: Accumulated Amortization, Amortization Expense, Cash, Held-to-Maturity Investment in Bonds, Interest Receivable, Interest Revenue.
For the "how would the bonds be reported on Fabian's Insurance's balance sheet" question the drop downs in order from top to bottom are: 1st drop down "the balance sheet reports" (Equity-method investment, Held-to-maturity investment in bonds, Investment in AFSS), 2nd drop down "as a" (long-term asset, long-term liability, short-term asset, short-term liability), 3rd drop down "also, the balance sheet will include the" (interest payable, interest receivable). The final questions answer is cut off, its fill in the blank is: "The income statement reports _____ (Held-to Maturity Investment in Bonds, Interest Receivable, Interest Revenue) of $ _____.
Thank you so much!
1. Fabian Fabian Insurance purchaand $100,000 at 4% DWH bonda on January 1, 2011 at a pace at 21!'han the markat tot interest na 7%. Fab an intends to hold the honds unti air mahunty date of curry 1, 2012. Tha banda pay interest aemannially on each January 1 and u recorded the folosing inumal catiss on January 1. 2018 and July 1, 2018: Click the loon view the ournal antea Read the res Make ile adjusting erilises the abier Insurance would need to inake on December 31, 2018, related to the restrieril in DM First record the entry for the interes receiveble at December 31, 2018 bonds. Recere debits first, then credits. Exclude exulanations from any journal entries. Joumal Entry Accounts L Date Debit Credit Reference Dec 21 N Journal Entry Accounts Date Debit Credit Jan 1 Held-lu-Malurily Inveeneril in Burde 83,000 Now record the entry for the amortizaton ot band count anmber 21, 2018 Cast 83,000 Joumal Entry Accounts Debit Credit Journal Entry Accounts Date Credit Date Dec 31 Debit 2,000 Jul 1 Case I l LLL 2,000 Revenue Journal Entry Accounts Date Credit Debit 1 2011 How would the londa barported on Frian Irianas han WAT A Ananther 31 201157 (Abbraviation AFSS = Available-horan Jal 1 Held-o-Maturity Investment in Ronds Interest Receivsbe 1.200 Tha halana sharapora $ AAA Aso, the balance sheet will include the 13 What amount at interest ravan.in woulhe aporten an Fahion Insurana's income tarrant for the year Paint Done an Doamner 31. 201!! related to the DM hoonsStep by Step Solution
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