Dashboard M Connect | Learning Software | N X M Question 2 - Ch12 Excel Probler Reclassification Adjustment: $45 X D. Benefits and Rewards-US Deli X X go https://ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fnewconnect.mheducation.com%25.. FO A Relaunch to update : Ch12 Excel Problems - Required i Saved Help Save & Exit Submit Check my work 2 On January 1, 2024, Ithaca Corporation purchases Cortland Incorporated bonds that have a face value of $330,000. The Cortland bonds have a stated interest rate of 5%. Interest is paid semiannually on June 30 and December 31, and the bonds mature in 10 years. For bonds of similar risk and maturity, the market yield on particular dates is as follows: 7.5 Note: Use tables, Excel, or a financial calculator. (FV of $1, PV of $1, EVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) points January 1, 2024 11 . 0% June 30, 2024 12. 0% December 31, 2024 14.0% Book Required: 1-a. Calculate the price Ithaca would have paid for the Cortland bonds on January 1, 2024 (ignoring brokerage fees). 1-b. Prepare a journal entry to record the purchase. References 2. Prepare all appropriate journal entries related to the bond investment during 2024, assuming Ithaca accounts for the bonds as a held-to-maturity investment. Ithaca calculates interest revenue at the effective interest rate as of the date it purchased the bonds. 3. Prepare all appropriate journal entries related to the bond investment during 2024, assuming that Ithaca chose the fair value option when the bonds were purchased, and that Ithaca determines fair value of the bonds semiannually. Ithaca calculates interest revenue at the effective interest rate as of the date it purchased the bonds. Complete this question by entering your answers in the tabs below. Req 1A Req 1B Req 2 Req 3 Calculate the price Ithaca would have paid for the Cortland bonds on January 1, 2024 (ignoring brokerage fees). Note: Do not round your intermediate calculations and round your final answer to nearest whole number. Bond fair value $ 3,250 Req 1A Req 1B > Q Search ENG ( D 3:00 PM 1/21/2024Dashboard M Connect | Learning Software | N X M Question 2 - Ch12 Excel Probler Reclassification Adjustment: $45 X D. Benefits and Rewards-US Deli X X go https://ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fnewconnect.mheducation.com%25.. FO A Relaunch to update : Ch12 Excel Problems - Required i Saved Help Save & Exit Submit Check my work 2 On January 1, 2024, Ithaca Corporation purchases Cortland Incorporated bonds that have a face value of $330,000. The Cortland bonds have a stated interest rate of 5%. Interest is paid semiannually on June 30 and December 31, and the bonds mature in 10 years. For bonds of similar risk and maturity, the market yield on particular dates is as follows: 7.5 Note: Use tables, Excel, or a financial calculator. (FV of $1, PV of $1, EVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) points January 1, 2024 11 . 0% June 30, 2024 12. 0% December 31, 2024 14.0% Book Required: 1-a. Calculate the price Ithaca would have paid for the Cortland bonds on January 1, 2024 (ignoring brokerage fees). 1-b. Prepare a journal entry to record the purchase. References 2. Prepare all appropriate journal entries related to the bond investment during 2024, assuming Ithaca accounts for the bonds as a held-to-maturity investment. Ithaca calculates interest revenue at the effective interest rate as of the date it purchased the bonds. 3. Prepare all appropriate journal entries related to the bond investment during 2024, assuming that Ithaca chose the fair value option when the bonds were purchased, and that Ithaca determines fair value of the bonds semiannually. Ithaca calculates interest revenue at the effective interest rate as of the date it purchased the bonds. Complete this question by entering your answers in the tabs below. Req 1A Req 1B Req 2 Req 3 Prepare a journal entry to record the purchase. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round your intermediate calculations and round your final answers to nearest whole number. View transaction list View journal entry worksheet No Transaction General Journal Debit Credit Investment in bonds 330,000 Discount on bond investment 118,320 Cash 211,680 Q Search ENG ( D 3:01 PM 1/21/2024Dashboard M Connect | Learning Software | N X M Question 2 - Ch12 Excel Probler Reclassification Adjustment: $45 X D. Benefits and Rewards-US Deli X X go https://ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fnewconnect.mheducation.com%25. Relaunch to update : Ch12 Excel Problems - Required i Saved Help Save & Exit Submit Check my work 2 Req 1A Req 1B Req 2 Reg 3 Prepare all appropriate journal entries related to the bond investment during 2024, assuming Ithaca accounts for the bonds as a held-to- 7.5 maturity investment. Ithaca calculates interest revenue at the effective interest rate as of the date it purchased the bonds. points Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round your intermediate calculations and round your final answers to nearest whole number. Show less A Book View transaction list View journal entry worksheet n No Date General Journal Debit Credit References 1 January 01, 2024 Investment in bonds 330,000 Discount on bond investment 118,320 Cash 211,680 2 June 30, 2024 Cash 8,250 Discount on bond investment 3,39 Interest revenue 11,642 3 June 30, 2024 No journal entry required 0 4 December 31, Cash 8,250 2024 Discount on bond investment 3,579 Interest revenue 11,829 5 December 31, 2024 No journal entry required 0 Req 1B Req 3 > Q Search ENG ( D 3:01 PM 1/21/2024Dashboard M Connect | Learning Software | N X M Question 2 - Ch12 Excel Probler Reclassification Adjustment: $45 X D. Benefits and Rewards-US Deli X X go https://ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fnewconnect.mheducation.com%25.. Relaunch to update : Ch12 Excel Problems - Required i Saved Help Save & Exit Submit Check my work 2 Req 1A Req 1B Req 2 Req 3 Prepare all appropriate journal entries related to the bond investment during 2024, assuming that Ithaca chose the fair value option 7.5 when the bonds were purchased, and that Ithaca determines fair value of the bonds semiannually. Ithaca calculates interest revenue at points the effective interest rate as of the date it purchased the bonds. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round your intermediate calculations and round your final answers to nearest whole number. Show less Book View transaction list View journal entry worksheet No Date General Journal Debit Credit References January 01, 2024 Cash 8,250 Discount on bond investment 3,392 Interest revenue 11,642 2 June 30, 2024 Loss on investment (unrealized, NI) 13,948 Fair value adjustment 13,948 3 June 30, 2024 Cash 8,250 Discount on bond investment 3,579 Interest revenue 11,829 4 December 31, 2024 Loss on investment (unrealized, NI) 24,068 Fair value adjustment 24,068 Q Search ENG ( D 3:01 PM 1/21/2024