ACC 545 Week 3 Individual Assignment
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- On January 1, 2006, Jamona Corp. purchased 12% bonds, having a maturity value of 300,000, for 322,. The bonds provide the bondholders with a 10% yield. They are dated January 1, 2006, and mature January 1, 2011, with interest receivable December 31 of each year. The company uses the effective-interest method to allocate unamortized discount or premium. The bonds are classified as available-for-sale. The fair value of the bonds at December 31 of each year is as follows: 2006 - 320,500 2007 - 309,000 2008 - 308,000 2009 - 310,000 2010 - 300,000
(a)January 1, 2006
Available-for-Sale Securities322,
Cash322,
(b)December 31, 2006
Cash36,000
Available-for-Sale Securities3,
Interest Revenue (322, X .10)32,
Securities...
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