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Prepare the journal entry in amortized cost method

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Reference no: EM132767995

Question - On January 1, 2020 NBI purchased 1,000 bonds with the face value of $1,000 each, an annual coupon rate of 5% payable on December 31 from Esports Inc. The bond matures in 5 years. The market rate at the time of purchase was 8%. As of December 31, 2020, the bond's fair value is $950,000. These bonds are actively traded in the market. Ignore transaction costs associated with bonds. Prepare the journal entry in amortized cost method?

Reference no: EM132767995

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