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    Problem 20-2 Requirement 1 Discount Carrying Date Interest Received Interest Income Amortization Amount

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    This document provides financial information about a bond investment over 3 years including interest received, interest income, discount amortization, and carrying amount each year. It also includes journal entries for 2019-2020 related to the bond investment and sale.

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    Problem 20-2 Requirement 1 Discount Carrying Date Interest Received Interest Income Amortization Amount

    Uploaded by

    Vi Vid
    72 views1 page
    This document provides financial information about a bond investment over 3 years including interest received, interest income, discount amortization, and carrying amount each year. It also includes journal entries for 2019-2020 related to the bond investment and sale.

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    Equity

    Original Title

    Problem-20-2

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    This document provides financial information about a bond investment over 3 years including interest received, interest income, discount amortization, and carrying amount each year. It also includes journal entries for 2019-2020 related to the bond investment and sale.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    72 views1 page

    Problem 20-2 Requirement 1 Discount Carrying Date Interest Received Interest Income Amortization Amount

    Uploaded by

    Vi Vid
    This document provides financial information about a bond investment over 3 years including interest received, interest income, discount amortization, and carrying amount each year. It also includes journal entries for 2019-2020 related to the bond investment and sale.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
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    Problem 20-2

    Requirement 1 Discount Carrying


    Date Interest received Interest Income Amortization Amount
    01/01/2019 4,742,000
    12/31/2019 300,000 379,360 79,360 4,821,360
    12/31/2020 300,000 385,709 85,709 4,907,069
    12/31/2021 300,000 392,931 92,931 5,000,000

    Requirement 2
    2019 Debit Credit
    Jan 01 Investments in bonds 4,742,000
    Cash 4,742,000

    Dec 31 Cash 300,000


    Interest income 300,000
    Dec 31 Investment in bonds 79,360
    Interest income 79,360
    2020
    Dec 31 Cash 300,000
    Interest income 300,000
    Dec 31 Investment in bonds 85,709
    Interest income 85,709
    Dec 31 Cash 5,500,000
    investment in bonds 4,907,069
    Gain on sale of bond investment 592,931

    Sale Price 5,500,000


    Carrying Amount-12/31/2020 4,907,069
    Gain on sale 592,931

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