How would barrett 2023 statement of cash flows be affected

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Reference no: EM133434958

Case Study: On November 1, 2022, the Barrett Company sold $800000 of 11% 10-year bonds with interest payable semiannually on May 1 and November 1. The bonds were issued to yield 10%. Barrett uses the effective interest method and has a December 31st year end. Barrett has elected to carry the bonds at fair value, all changes in the bonds' fair value are attributable to changes in general interest rates. Fair Value 12/31/22 = $850,000; Fair Value 12/31/23 = $840,000.

Part A. Prepare ALL the required Journal entries from November 1, 2022 through December 31, 2023 relating to the bonds for Barrett Company including fair value accounting entries. Round to nearest dollar.

Part B. How would Barrett's 2023 statement of cash flows be affected by this bond issue under the SCF indirect method.

Reference no: EM133434958

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