Prepare the journal entries to record interest income and interest received and recognition of fair value at December 31, 2020, 2021, and 2022. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" forthe account titles and enter 0 for the amounts. Round answers to 2 decimal places, e.g. 52.75.)DateAccount Titles and ExplanationDebitCredit(To record interest collected)(To record fair value adjustment)(To record interest collected)(To record fair value adjustment)(To record interest collected)(To record gain or loss) Exercise 9-5On January 1, 2020, Bramble Limited paid $478,737.60 for 12% bonds with a maturity value of $445,000. The bonds provide the bondholders with a 10% yield. They are dated January 1, 2020, and mature on January 1, 2025, with interest receivable on December 31 of each year. Bramble applies ASPE usingthe effective interest method, and has a December 31 year end. Assume that Bramble hopes 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 value taken to net income, and separately recognizes and reports interest income. Thefair value of the bonds at December 31 of each year end is as follows:$475,400.00$458,350.00$456,570.00$451,230.0020202021202220232024$445,000.00Prepare the journal entry at the date of the bond purchase. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Round answers to 2 decimalplaces, e.g. 52.75.)Account Titles and ExplanationDebitCredit

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Description: Prepare the journal entries to record interest income and interest received and recognition of fair value at December 31, 2020, 2021, and 2022. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If

Journal entries refers to the systematic documentation of the financial transactions of a company in…

Business

Accounting

Prepare the journal entries to record interest income and interest received and recognition of fair value at December 31, 2020, 2021, the account titles and enter o for the amounts. Round answers to 2 decimal places, e.g. 52.75.) Date Account Titles and Explanation Debit Credit (To record interest collected) (To record fair value adjustment) (To record interest collected) (To record fair value adjustment) (To record interest collected)

Prepare the journal entries to record interest income and interest received and recognition of fair value at December 31, 2020, 2021, the account titles and enter o for the amounts. Round answers to 2 decimal places, e.g. 52.75.) Date Account Titles and Explanation Debit Credit (To record interest collected) (To record fair value adjustment) (To record interest collected) (To record fair value adjustment) (To record interest collected)

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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