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Federal Semiconductors issued 11% bonds, dated January 1, with a face amount of $880 million on January 1, 2013. The bonds sold for $813,796,294 and mature on December 31, 2032 (20 years). For bonds of similar risk and maturity the market yield was 12%. Interest is paid semiannually on June 30 and December 31. Federal determines interest at the effective rate. Federal elected the option to report these bonds at their fair value. On December 31, 2013, the fair value of the bonds was $800 million as determined by their market value in the over-the-counter market.
Prepare the journal entry to adjust the bonds to their fair value for presentation in the December 31, 2013, balance sheet. (Enter your answers in whole dollars. If no entry is required for aparticulartransaction, select "No journal entry required" in the first account field.)
Assume the fair value of the bonds on December 31, 2014, had risen to $806 million. Prepare the journal entry to adjust the bonds to their fair value for presentation in the December 31, 2014, balance sheet.(Enter your answers in whole dollars. If no entry is required for a particulartransaction, select "No journal entry required" in the first account field.)
Complete Phillip and Claire Dunphy's 2013 federal income tax return.
Illustrate out the qualitative and quantitative limitations of financial statements? What is the FASB and what role does that entity play? Have you heard of and do you know the meaning of IFAS and GAAP?
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