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Question - On Jan. 1, 2021, ABC purchased bonds for the purpose of both collecting the contractual cash flows and selling the investment. The bonds have a total face value of $6,000,000, interest rate of 8% payable every August 1, and a remaining term of 4 years and 7 months. It paid $6,145,000 inclusive of accrued interest and transaction fee of $50,000. As of the end of the year, the bonds have a fair value of $5,960,000. What is the compound journal entry to update the carrying value of the investment and the balances of the related accounts on Dec. 31, 2021? Also, provide the interest income to be recorded on that same day.
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