dont give answer in image formatplease answer at december 2023,2024,2025 On January 1, 2023, Bramble Limited paid $478,737.60 for 12% bonds with a maturity value of $445,000. The bonds provide thebondholders with a 10% yield. They are dated January 1, 2023, and mature on January 1, 2028, with interest receivable on December31 of each year. Bramble applies ASPE using the effective interest method, and has a December 31 year end. Assume that Bramblehopes to make a gain on the bonds as interest rates are expected to fall. Bramble accounts for the bonds at fair value with changes invalue taken to net income, and separately recognizes and reports interest income. The fair value of the bonds at December 31 of eachyear end is as follows:$475,400.002024 $458,350.002025 $456,570.002026 $451,230.002027 $445,000.002023 Prepare the journal entries to record interest income and interest received and recognition of fair value at December 31, 2023,2024, and 2025. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Ifno entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries beforecredit entries. Round answers to 2 decimal places, e.g. 52.75.)DateDec. 31, 2023Dec. 31, 2023Dec. 31, 2024Account Titles and ExplanationCashFV-NI InvestmentsInterest Income(To record interest collected)FV-NI InvestmentsInvestment Income or Loss(To record fair value adjustment)CashFV-NI InvestmentsInterest Income(To record interest collected)DebitCredit

Bond is that debt instrument which is used by the organization to finance its long term fund needs,…

ondholders with a 10% yield. They are dated January 1, 2023, and mature on January 1, 2028, with interest receivable on December 1 of each year. Bramble applies ASPE using the effective interest method, and has a December 31 year end. Assume that Bramble opes to make a gain on the bonds as interest rates are expected to fall. Bramble accounts for the bonds at fair value with changes in alue taken to net income, and separately recognizes and reports interest income. The fair value of the bonds at December 31 of each ear end is as follows: 2023 $475,400.00 2024 $458,350.00 2025 $456,570.00

ondholders with a 10% yield. They are dated January 1, 2023, and mature on January 1, 2028, with interest receivable on December 1 of each year. Bramble applies ASPE using the effective interest method, and has a December 31 year end. Assume that Bramble opes to make a gain on the bonds as interest rates are expected to fall. Bramble accounts for the bonds at fair value with changes in alue taken to net income, and separately recognizes and reports interest income. The fair value of the bonds at December 31 of each ear end is as follows: 2023 $475,400.00 2024 $458,350.00 2025 $456,570.00

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter9: Long-term Liabilities

Section: Chapter Questions

Problem 7MCQ

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