Note:-Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism.Answer completely.You will get up vote for sure. Problem 12-1 (Algo) Securities held-to-maturity; bond investment; effective interest; financial statementeffects [LO12-1, 12-2]Fuzzy Monkey Technologies, Incorporated purchased as a long-term Investment $250 million of 8% bonds, dated January 1, onJanuary 1, 2024. Management has the positive intent and ability to hold the bonds until maturity. For bonds of similar risk and maturitythe market yleld was 10%. The price paid for the bonds was $228 million. Interest is received semiannually on June 30 and December31. Due to changing market conditions, the fair value of the bonds at December 31, 2024, was $240 million,Required:1. to 3. Prepare the relevant Journal entries on the respective dates (record the Interest at the effective rate).4. At what amount will Fuzzy Monkey report Its Investment in the December 31, 2024 balance sheet?5. How would Fuzzy Monkey's 2024 statement of cash flows be affected by this Investment? (If more than one approach is possible,indicate the one that is most likely.)Complete this question by entering your answers in the tabs below.Req 1 to 3Req 4Prepare the relevant journal entries on the respective dates (record the interest at the effective rate).Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not roundintermediate calculations. Enter your answers in millions rounded to 2 decimal places, (i.e., 5,500,000 should be entered as 5.50).Show lessView transaction list<Journal entry worksheet12DateJanuary 01, 2024Req 53Record Fuzzy Monkey's investment on bonds on January 1, 2024.Note: Enter debits before credits.Record entryGeneral JournalClear entryDebitCreditView general journal

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Fuzzy Monkey Technologies, Incorporated purchased as a long-term Investment $250 million of 8% bonds, dated January 1, on January 1, 2024. Management has the positive intent and ability to hold the bonds until maturity. For bonds of similar risk and maturity the market yleld was 10%. The price paid for the bonds was $228 million. Interest is received semiannually on June 30 and December 31. Due to changing market conditions the fair value of the bonds at December 31 2024 was $240 million

Fuzzy Monkey Technologies, Incorporated purchased as a long-term Investment $250 million of 8% bonds, dated January 1, on January 1, 2024. Management has the positive intent and ability to hold the bonds until maturity. For bonds of similar risk and maturity the market yleld was 10%. The price paid for the bonds was $228 million. Interest is received semiannually on June 30 and December 31. Due to changing market conditions the fair value of the bonds at December 31 2024 was $240 million

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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