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On 1 January 20X2, Investor Company purchased $2,000,000 of Operating Corp.7%
bonds, classified as an AC investment. The bonds pay semi-annual interest each 30
June and 31 December. The market interest rate was 6% on the date of purchase. The
bonds mature on 30 December 20X11.
(PV of $1, PVA of $1, and PVAD of $1.) (Use appropriate factor(s) from the tables
provided.)
Required:
1. Calculate the price paid by Investor. (Round time value factor to 5 decimal places.
Round your intermediate calculations to 2 decimal places and final answer to the
nearest whole dollar amount.)
2. Construct a table that shows interest revenue reported by Investor, and the
carrying value of the investment. Use the effective interest method. (Round your
answers to the nearest whole dollar amount.)
3. Prepare the entry for the first interest payment based on your calculations in
requirement 2. (If no entry is required for a transaction/event, select "No journal entry
required" in the first account field. Round your answers to the nearest whole dollar
amount)
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