Answer complete question with working: answer in text form please (without image), Note: .Every entry should have narration please (c)(d)(e)Your answer is partially correct.Prepare the journal entries to record the semiannual interest on July 1, 2025, and December 31, 2025.If the fair value of Aguirre bonds is $402,077 on December 31, 2026, prepare the necessary adjusting entry. (Assumethe fair value adjustment balance on December 31, 2025, is a debit of $3,226.)Prepare the journal entry to record the sale of the bonds on January 1, 2027.(List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Donot indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Roundanswers to 0 decimal places, e.g. 1,225. Record journal entries in the order presented in the problem.)ALLUMII Frues and explanativiiDEVILJuly 1, 2025Dec. 31, 2025:Dec. 31,2026 #Jan 1, 2027 #CashDebt InvestmentsInterest RevenueInterest ReceivableDebt InvestmentsInterest RevenueUnrealized Holding Gain or Loss - Equityterest RevenueFair Value AdjustmentCashLoss on Sale of InvestmentsDebt Investments215002401215002545695340007715021DI CUIL On January 1, 2025, Splish Company purchased $430,000, 10% bonds of Aguirre Co. for $398,350. The bonds were purchased toyield 12% interest. Interest is payable semiannually on July 1 and January 1. The bonds mature on January 1, 2030. Splish Companyuses the effective-interest method to amortize discount or premium. On January 1, 2027, Splish Company sold the bonds for$400,077 after receiving interest to meet its liquidity needs.

Tradeable assets or financial agreements between parties are referred to as financial instruments.…

On January 1, 2025, Splish Company purchased $430,000, 10% bonds of Aguirre Co. for $398,350. The bonds were purchased to yield 12% interest. Interest is payable semiannually on July 1 and January 1. The bonds mature on January 1, 2030. Splish Company uses the effective-interest method to amortize discount or premium. On January 1, 2027, Splish Company sold the bonds for $400,077 after receiving interest to meet its liquidity needs.

On January 1, 2025, Splish Company purchased $430,000, 10% bonds of Aguirre Co. for $398,350. The bonds were purchased to yield 12% interest. Interest is payable semiannually on July 1 and January 1. The bonds mature on January 1, 2030. Splish Company uses the effective-interest method to amortize discount or premium. On January 1, 2027, Splish Company sold the bonds for $400,077 after receiving interest to meet its liquidity needs.

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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