FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Entries for HTM Debt Securities: Effective Interest Method On July 1 of Year 1, West Company purchased for cash, twenty-two, $10,000 bonds of North Corporation to yield 10%. The bonds pay 9% interest, payable on a semiannual basis each July 1 and January 1, and mature in three years on July 1. The bonds are classified as held-to-maturity securities. West Company's annual reporting period ends December 31. Assume the effective interest method of amortization of any discount or premium. Note: When answering the following questions, round answers to the nearest whole dollar. Amortization Schedule Journal Entries in Year 1 e. Record the receipt of interest on January 1 of Year 2. Date Jan. 1, Year 2 Cash Account Name Interest Receivable To record interest received. Financial Statement Presentation Debit 9,900 0 Credit 0 9,900✔ Journal Entries in Year 2 f. After the interest was received on July 1 of Year 2, two of the bonds were sold for $17,756 cash. Provide the required entries on July 1 of Year 2 for the receipt of interest and the sale of the two bonds.
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Transcribed Image Text:Entries for HTM Debt Securities: Effective Interest Method On July 1 of Year 1, West Company purchased for cash, twenty-two, $10,000 bonds of North Corporation to yield 10%. The bonds pay 9% interest, payable on a semiannual basis each July 1 and January 1, and mature in three years on July 1. The bonds are classified as held-to-maturity securities. West Company's annual reporting period ends December 31. Assume the effective interest method of amortization of any discount or premium. Note: When answering the following questions, round answers to the nearest whole dollar. Amortization Schedule Journal Entries in Year 1 e. Record the receipt of interest on January 1 of Year 2. Date Jan. 1, Year 2 Cash Account Name Interest Receivable To record interest received. Financial Statement Presentation Debit 9,900 0 Credit 0 9,900✔ Journal Entries in Year 2 f. After the interest was received on July 1 of Year 2, two of the bonds were sold for $17,756 cash. Provide the required entries on July 1 of Year 2 for the receipt of interest and the sale of the two bonds.
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Step 1: Define Investment in Bond Investment
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Step 2: Determining Purchase cost of Bond Investment and Preparing Bond Amortization Schedule
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