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what are the correct journal entries for this problem. i really need help and dont understand. On September 30, 2018. Pontex Inc. purchased 60% bonds

what are the correct journal entries for this problem. i really need help and dont understand. image text in transcribed
image text in transcribed
image text in transcribed
On September 30, 2018. Pontex Inc. purchased 60% bonds of Hammond Corporation at 97 as a long-term, held to maturity investment. The maturity value of the bonds will be $30,000 on September 30, 2023. The bonds pay interest on March 31 and September 30 Pontex's fiscal year end is December 31 Read the requirements Requirement 1. What method should Pontex use to account for its investment in the Hammond Corp bonds? Pontex should use the method to account for its investment in the Hammond Corp bonds Requirement 2. Using the straight line method of amortizing the discount on bonds, journalize all of Pontex's transactions on the bonds for 2018 (Record debits first then credits Exclude explanations from anyjournal entries) Start by joumalizing the purchase of the bonds in Hammond on September 30, 2018 Journal Entry Accounts Debit Credit Sep Date Record the entry for the accrual of interest revenue on December 31, 2018. (Round to the nearest whole dollar) Journal Entry Date Accounts Debit Credit Dec. 31 Choose from any list or enter any number in the input fields and then continue to the next question On September 30, 2018, Pontex, Inc., purchased 6.0% bonds of Hammond Corporation at 97 as a long term, held-to-maturity investment. The matur bonds will be $30,000 on September 30, 2023. The bonds pay interest on March 31 and September 30. Pontex's fiscal year end is December 31 Read the requirements Record the entry for the accrual of interest revenue on December 31, 2018. (Round to the nearest whole dollar) Journal Entry Accounts Date Debit Credit Dec Record the amortization of the bond discount on December 31, 2018 (Round to the nearest whole dollar) Journal Entry Date Accounts Debit Credit Dec Requirement 3. Show how Pontex would report everything related to the bond investment on its balance sheet at December 31, 2018 Choose from any list or enter any number in the input fields and then continue to the next question Requirement 3. Show how Pontex would report everything related to the bond investment on its balance sheet at December 31, 2018 Balance Sheet (partial): Assets Current Long-term Choose from any list or enter any number in the input fields and then continue to the next

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