answer in text form please (without image), Note: .Every entry should have narration please On January 1, 2022, Whispering Winds and Lois Company purchased 12% bonds having a maturity value of $342,000 for$367,928.98. The bonds provide the bondholders with a 10% yield. They are dated January 1, 2022, and mature on January 1, 2027,with interest receivable on December 31 of each year. Whispering Winds and Lois Company uses the effective interest method toallocate unamortized discount or premium. The bonds are carried at FV-OCI. The fair value of the bonds at December 31 of each year-end is as follows:20222023(a)$365,500$352,000Prepare the journal entries to record the interest received and recognition of fair value for 2022. (Credit account titles areautomatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titlesand enter o for the amounts. List all debit entries before credit entries. Round answers to 2 decimal places, e.g. 52.75.)Date Account Titles and ExplanationDec. 31Dec. 31(To record collection of interest)(To record fair value adjustment)DebitCredit|||

In FV OCI Investments , the investmemts are revalued at their fair value at the end of the period.…

3. The bonds provide the bondholders with a 10% yield. They are dated January 1, 2022, and mature on January t receivable on December 31 of each year. Whispering Winds and Lois Company uses the effective interest meth mortized discount or premium. The bonds are carried at FV-OCI. The fair value of the bonds at December 31 of e Ows

3. The bonds provide the bondholders with a 10% yield. They are dated January 1, 2022, and mature on January t receivable on December 31 of each year. Whispering Winds and Lois Company uses the effective interest meth mortized discount or premium. The bonds are carried at FV-OCI. The fair value of the bonds at December 31 of e Ows

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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