Federal Semiconductors issued 8% bonds, dated January 1, with a face amount of $850 million on January 1, 2024. . The bonds sold for $771,793,266 and mature on December 31, 2043 (20 years). . For bonds of similar risk and maturity the market yield was 9%. . Interest is paid semiannually on June 30 and December 31. . Federal determines interest at the effective rate. • Federal elected the option to report these bonds at their fair value. • On December 31, 2024, the fair value of the bonds was $760 million as determined by their market value in the over-the-counter market. Assume the fair value of the bonds on December 31, 2025, had risen to $766 million. Required: Complete the below table to record the following journal entries. 1. & 2. Prepare the journal entries to record interest on June 30, 2024, December 31, 2024, and adjust the bonds to their fair value for presentation in the December 31, 2024 balance sheet, and record interest on June 30, 2025, December 31, 2025, and adjust the bonds to their fair value for presentation in the December 31, 2025, balance sheet. Federal determined that none of the change in fair value in 2024 was due to a decline in general interest rates and one-half of the increase in fair value in 2025 was due to a decline in general interest rates.

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Capital Gain

Any capital asset when sold can give the seller a higher or lower price from its purchase price leading to a capital gain or capital loss. The time period of holding an asset is decided based on if it is a long term or short-term capital gain. On that basis, the rate of taxation is decided if it is 20%, 15% or according to the tax brackets. The rate of taxation differs in the case of equity or debt, whether long or short term. The capital gain can be adjusted from capital loss to arrive at a net capital gain. The amount of gains and the exemption has to be reported in the tax return filed in the financial year in which the asset was transferred. The tax return can be filed quarterly, monthly, semi-annually or annually.