Q4 Take me to the textOn July 1, 2020, Kabir Company, a private company, decided to buy $283,000, 3% 13-year bonds at par, issued bya private company in the US. The semi-annual payments are made on January 1 and July 1. The company intendsto sell these bonds within the next six to nine months. Kabir Company records the bonds using the fair valuethrough net income method, in compliance with ASPE. Kabir Company has a year-end of September 30.Requireda) Record acquisition of the bonds.Do not enter dollar signs or commas in the input boxes.Round all answers to the nearest whole number.DateAccount Title and ExplanationDebitCreditJul 1To record acquisition of bonds at parb) Assume that on September 30, 2020, the market value of the bonds decreased significantly to $254,700 due tochange of market interest rate. Prepare the journal entry to make the adjustment on this date. You do not need torecord the interest accrued for this question.63search Round all answers to the nearest whole number.DateAccount Title and ExplanationDebitCreditJul 1To record acquisition of bonds at par) Assume that on September 30, 2020, the market value of the bonds decreased significantly to $254,700hange of market interest rate. Prepare the journal entry to make the adjustment on this date. You do notecord the interest accrued for this question.DateAccount Title and ExplanationDebitCreditер 30To record fair value adjustment loss

The bonds are the financial instruments used to raise money from the market or for other investment…

to the text On July 1, 2020, Kabir Company, a private company, decided to buy $283,000, 3% 13-year bonds at par, issued by private company in the US. The semi-annual payments are made on January 1 and July 1. The company intends o sell these bonds within the next six to nine months. Kabir Company records the bonds using the fair value nrough net income method, in compliance with ASPE. Kabir Company has a year-end of September 30. equired Record acquisition of the bonds. p not enter dollar signs or commas in the input boxes. pund all answers to the nearest whole number.

to the text On July 1, 2020, Kabir Company, a private company, decided to buy $283,000, 3% 13-year bonds at par, issued by private company in the US. The semi-annual payments are made on January 1 and July 1. The company intends o sell these bonds within the next six to nine months. Kabir Company records the bonds using the fair value nrough net income method, in compliance with ASPE. Kabir Company has a year-end of September 30. equired Record acquisition of the bonds. p not enter dollar signs or commas in the input boxes. pund all answers to the nearest whole number.

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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