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Make Swifty journal entry for the purchase

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Reference no: EM132803076

Question - On September 1, Swifty Ltd. purchased $79,300 of five-year, 7% bonds for $64,709, resulting in an effective (yield) rate of 12%. The bonds pay interest each March 1 and September 1. Swifty Ltd. applies ASPE, accounts for the investment under the amortized cost approach using the effective interest accounting policy, and has a December 31 year end. The following March 1, after receiving the semi-annual interest on the bonds, Swifty sells the bonds for $67,369. Make Swifty's journal entry for the purchase of the investment.

Reference no: EM132803076

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