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On January 1, 2006, Jamona Corp. purchased 12% bonds, having a maturity value of $300,000, for $322,744.44. The bonds provide the bondholders with a 10% yield. They are dated January 1, 2006, and mature January 1, 2011, with interest receivable December 31 of each year. The company uses the effective-interest method to allocate unamortized discount or premium. The bonds are classified as available-for-sale.
The fair value of the bonds at December 31 of each year is as follows:
• 2006 - $320,500
• 2007 - $309,000
• 2008 - $308,000
• 2009 - $310,000
• 2010 - $300,000
Prepare the amortization table on the investment in bond. Prepare the entries on the investment in bond on 1/1/06, the interest revenue and the amortization of the premium on 12/31/07, and the adjustment of the investment position to fair value on 12/31/07.
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