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Make journal entries for Pharoah company

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Question - Pharoah company invests $11,100 in 5 % fixed rate corporate bonds on January 1, 2017. All the bonds are classified as available-for-sale and are purchased at par. At year-end, market interest rates have declined, and the fair value of the bonds is now $11,629,000. Interest is paid on January 1.

Make journal entries for Pharoah company (A) record the transactions related to these bonds in 2017, assuming Pharoah does not elect the fair option; and (B) record the transaction related to these bonds in 2017, assuming that Pharoah company elects the fair value option to account for these bonds.

Reference no: EM132538343

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