A3 Prepare the journal entries to record the recognition of fair value for 2023 and assuming the investment is sold for $260,000 onDecember 31, 2023, reclassifying any accumulated holding gains or losses to net income. (Credit account titles are automaticallyindented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter O forthe amounts. List all debit entries before credit entries. Round answers to 2 decimal places, e.g. 52.75)Date Account Titles and ExplanationDec. 31Dec. 31Dec. 31Bond Investment at Amortized CostCash(To adjust to fair value at date of disposal)(To record disposal)Unrealized Gain or Loss(To reclassify holding loss)DebitCredit11 On January 1, 2022, Culver and Lois Company purchased 12% bonds having a maturity value of $252,000 for $271,105.56. The bondsprovide the bondholders with a 10% yield. They are dated January 1, 2022, and mature on January 1, 2027, with interest receivableon December 31 of each year. Culver and Lois Company uses the effective interest method to allocate unamortized discount orpremium. The bonds are carried at FV-OCI. The fair value of the bonds at December 31 of each year-end is as follows:2022 $269,000$260,0002023Your answer is correct.Prepare the journal entries to record the interest received and recognition of fair value for 2022. (Credit account tities areautomatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titlesand enter 0 for the amounts. List all debit entries before credit entries. Round answers to 2 decimal places, eg. 52.75.)Date Account Titles and ExplanationDec. 31Dec. 31CashFV-OCI Investmentsinterest income(To record collection of interest)FV-OCI InvestmentsUnrealized Gain or Loss-OCI(To record fair value adjustment)Debit30,2401.023.88Credit3,129.4427.110.561,023.88

The bonds are issued or purchased either at discount or at a premium. The bond amortization table is…

Prepare the journal entries to record the recognition of fair value for 2023 and assuming the investment is sold for $260,000 on December 31, 2023, reclassifying any accumulated holding gains or losses to net income. (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 O for the amounts List all debit entries before credit entries. Round answers to 2 decimal places, eg. 52.75)

Prepare the journal entries to record the recognition of fair value for 2023 and assuming the investment is sold for $260,000 on December 31, 2023, reclassifying any accumulated holding gains or losses to net income. (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 O for the amounts List all debit entries before credit entries. Round answers to 2 decimal places, eg. 52.75)

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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