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Provide the total cash outflow relating to the acquisition

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Question - On April 30, 2020, ABC Corp. purchased bonds with a face value of $1,400,000 and interest rate of 9% to be paid annually every Dec. 31 until the end of 2024. It paid $1,360,000 plus accrued interest plus transaction fee of $10,000. What is the journal entry to record the purchase if ABC accounted it as a FA-FV-PL? Use Accrued Interest Receivable in your answer. You may use parenthetical solutions. Also, provide the total cash outflow relating to the acquisition.

Reference no: EM132874442

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