Question: Fuzzy Monkey Technologies, Inc., purchased as a long-term investment $ 170 million of 10% bonds, dated January 1, on January 1, 2016. Management intends to

Fuzzy Monkey Technologies, Inc., purchased as a long-term investment $ 170 million of 10% bonds, dated January 1, on January 1, 2016. Management intends to have the investment available for sale when circumstances warrant. For bonds of similar risk and maturity the market yield was 12% The price paid for the bonds was $151 million. Interest is received semiannually on June 30 and December 31. Due to changing market conditions, the fair value of the bonds at December 31, 2016, was $160 million. Required 1. to 3. Prepare the relevant journal entries on the respective dates (record the interest at the effective rate). (If no entry is required for a transactionlevent, select "No journal entry required" in the first account field. Do not round intermediate calculations. Enter your answers in millions rounded to 2 decimal places, (i.e., 5,500,000 should be entered as 5.50).) View transaction list 1 Record Fuzzy Monkey's investment on bonds on January/ 1, 2016. 2 Record the interest revenue on June 30, 2016. 3 Record the interest revenue on December 31, 2016 Credit Note : journal entry has been entered Record entry Clear entry View general journal

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