P17-1. Please answer part d,e,f, and show all workings clearly. ProblemsP17.1 (LO 1) (Debt Investments) Presented below is anamortization schedule related to Spangler Company's 5-year,$100,000 bond with a 7% interest rate and a 5% yield, purchased onDecember 31, 2019, for $108,660.BondCarryingCashReceivedInterestPremiumAmountDateRevenueAmortizationof Bonds12/31/19$108,66012/31/20$7,000$5,433$1,567107,09312/31/217,0005,3541,646105,44712/31/227,0005,2721,728103,71912/31/237,0005,1861,814101,90512/31/247,0005,0951,905100,000The following schedule presents a comparison of the amortized costand fair value of the bonds at year-end.12/31/20 12/31/21 12/31/22 12/31/23 12/31/24Amortized cost $107,093 $105,447 $103,719 $101,905 $100,000Fair value106,500 107,500 105,650 103,000 100,000Instructionsa. Prepare the journal entry to record the purchase of these bondson December 31, 2019, assuming the bonds are classified as held-for-collection investments.b. Prepare the journal entry or entries related to the held-for-collection bonds for 2020.c. Prepare the journal entry or entries related to the held-for-collection bonds for 2022.d. Prepare the journal entry or entries to record the purchase ofthese bonds, assuming they are classified as trading.e. Prepare the journal entry or entries related to the bonds for 2020,assuming they are classified: (1) trading, and (2) held-for-collection and selling (HFCS).f. Prepare the journal entry or entries related to the trading bondsfor 2022.

Corporate Bonds- Corporate bonds are investment bonds that corporations issue to raise capital…

P17.1 (LO 1) (Debt Investments) Presented below is an amortization schedule related to Spangler Company's 5-year, $100,000 bond with a 7% interest rate and a 5% yield, purchased on December 31, 2019, for $108,660. Bond Premium Carrying Amount Cash Interest Dote Roooivod Rovonuo Amortizotion of Ronds

P17.1 (LO 1) (Debt Investments) Presented below is an amortization schedule related to Spangler Company's 5-year, $100,000 bond with a 7% interest rate and a 5% yield, purchased on December 31, 2019, for $108,660. Bond Premium Carrying Amount Cash Interest Dote Roooivod Rovonuo Amortizotion of Ronds

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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