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On January 1, 2020, Neptune Co. invested in a three-year, 8% bond with a maturity value of $100,000, yielding 10%. Interest is payable annually on December 31
Problem 1: Based on information above: If Neptune Co. is a public company and accounts for the bonds using the amortized cost approach, prepare journal entries to record the initial investment, the receipt of interest, and recognition of interest income in each of the three years, and the maturity of the bond at the end of the third year.
Problem 2: Based on information above: If Neptune were a private company and applied ASPE, is there an alternative accounting treatment it could have applied which would have resulted in greater interest revenue during the 3rd and final year of the bond? Why or why not?
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