Current Attempt in Progress Marigold Corp. purchased a $100,000 face value bond of Myers Corp. on August 31, 2022, for $108,320 plus accrued interest. The yield on the bond is 7.24%. The bond pays interest annually each November 1 at a rate of 9%. On November 1, 2022, Marigold received the annual interest. On December 31, 2022, Marigold's year end, the fair value for these bonds was 107.4. Marigold sold the bond on January 15, 2023, for $107,100 plus accrued interest. Assume Marigold follows IFRS. (a) + -Your answer is partially correct. Prepare the journal entries to record the purchase of the bond, the receipt of interest, any adjustments required at year end, and the subsequent sale of the bond. (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 0 for the amounts. Record entries in the order displayed in the problem statement. List all debit entries before credit entries.) Date Account Titles and Explanation Aug. 31, 2022÷ Interest Receivable EVNUL Debit 7500 Credit

Current Attempt in Progress Marigold Corp. purchased a $100,000 face value bond of Myers Corp. on August 31, 2022, for $108,320 plus accrued interest. The yield on the bond is 7.24%. The bond pays interest annually each November 1 at a rate of 9%. On November 1, 2022, Marigold received the annual interest. On December 31, 2022, Marigold's year end, the fair value for these bonds was 107.4. Marigold sold the bond on January 15, 2023, for $107,100 plus accrued interest. Assume Marigold follows IFRS. (a) + -Your answer is partially correct. Prepare the journal entries to record the purchase of the bond, the receipt of interest, any adjustments required at year end, and the subsequent sale of the bond. (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 0 for the amounts. Record entries in the order displayed in the problem statement. List all debit entries before credit entries.) Date Account Titles and Explanation Aug. 31, 2022÷ Interest Receivable EVNUL Debit 7500 Credit

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter14: Financing Liabilities: Bonds And Long-term Notes Payable

Section: Chapter Questions

Problem 16E

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