please and thank you 4Account Titles and Explanation+(To record interest revenue.)(To record adjustment.)(To record interest revenue.)(To record adjustment.)Debit11Credit Presented below is an amortization schedule related to Sarasota Company's 5-year, $110,000 bond with a 7% interestrate and a 4% yield, purchased on December 31, 2023, for $124,691.Date12/31/2312/31/2412/31/2512/31/2612/31/2712/31/28(a)(b)(c)(d)12/31/24Amortized cost $121,979Fair value(e)(f)No.CashInterestReceived Revenue(a)$7,7007,700(b)7,700FEB7,7007,700The following schedule presents a comparison of the amortized cost and fair value of the bonds at year-end.121,400$4,9884,8794,7664,6494,527DateBondPremiumAmortization+$2,7122,821+2,934121,0003,0513,173CarryingAmountof Bonds118,000$124,691121,979119,158116,224113,17312/31/25 12/31/26 12/31/27$119,158$116,224 $113,173114,300110,000Prepare the journal entry to record the purchase of these bonds on December 31, 2023, assuming the bondsare classified as held-to-maturity securities.(List all debit entries before credit entries. Credit account titles are automatically indented whenamount is entered. Do not indent manually. If no entry is required, select "No Entry" for the accounttitles and enter 0 for the amounts.)Prepare the journal entry related to the held-to-maturity bonds for 2024.Prepare the journal entry related to the held-to-maturity bonds for 2026.Prepare the journal entry to record the purchase of these bonds, assuming they are classified as available-for-sale.12/31/28$110,000110,000Prepare the journal entries related to the available-for-sale bonds for 2024.Prepare the journal entries related to the available-for-sale bonds for 2026.Account Titles and ExplanationDebit

Gains and losses are the inevitable results of investing. Every investor seeks gains. But when…

(a) (b) (c) (d) (e) (f) Prepare the journal entry to record the purchase of these bonds on December 31, 2023, assuming the bonds are classified as held-to-maturity securities. Prepare the journal entry related to the held-to-maturity bonds for 2024. Prepare the journal entry related to the held-to-maturity bonds for 2026. Prepare the journal entry to record the purchase of these bonds, assuming they are classified as available-for- sale. Prepare the journal entries related to the available-for-sale bonds for 2024. Prepare the journal entries related to the available-for-sale bonds for 2026.

(a) (b) (c) (d) (e) (f) Prepare the journal entry to record the purchase of these bonds on December 31, 2023, assuming the bonds are classified as held-to-maturity securities. Prepare the journal entry related to the held-to-maturity bonds for 2024. Prepare the journal entry related to the held-to-maturity bonds for 2026. Prepare the journal entry to record the purchase of these bonds, assuming they are classified as available-for- sale. Prepare the journal entries related to the available-for-sale bonds for 2024. Prepare the journal entries related to the available-for-sale bonds for 2026.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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