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What amount should the company report the bonds at july

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Reference no: EM131563210

Problem -

On Jan 1, 2001, A company purchased $20,000 of 10%,5years bonds of B company for $19,000.

On July 1, 2001, Bonds: Amortized cost -----$19,200, Selling for $19,400

On Dec 31, 2001, Bonds: Amortized cost-----$19,300, Selling for $19,500

The bonds pay interest semi-annually on Jan1, July 1.

1. If A company wants to sell the bond on Aug, 2001, classify the investment. What amount should the company report the bonds at July 1, 2001? Prepare Journal entry to report FV adjustment on July 1, 2001?

2. If A company will hold the bond until Jan 1, 2006, What amount should be report at Dec 31, 2001?Prepare Journal entry to report FV adjustment on Dec 31, 2001?

Reference no: EM131563210

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