Question: Please explain step by step as to how to solve the incorrect journal entry number 6. The values of 3,000,000 and 2,009,859 are incorrect. Sederal

 Please explain step by step as to how to solve the
incorrect journal entry number 6. The values of 3,000,000 and 2,009,859 are
incorrect. Sederal Semiconductors issued 11% bonds, dated January 1, with a face
Please explain step by step as to how to solve the incorrect journal entry number 6. The values of 3,000,000 and 2,009,859 are incorrect.

Sederal Semiconductors issued 11% bonds, dated January 1, with a face amount of $880 million on January 1, 2024. - The bonds sold for $813,796,294 and mature on December 31, 2043 (20 years). - For bonds of similar risk and maturity the market yield was 12%. - Interest is pald semiannually on June 30 and December 31. - Federal determines interest at the effective rate. - Federal elected the option to report these bonds at their fair value. - On December 31, 2024, the fair value of the bonds was $800 million as determined by their market value in the over-the-counter market Assume the fair value of the bonds on December 31,2025 , had risen to $806 million. Required: Complete the below table to record the following journal entries. 1. 8 2. Prepare the journal entries to adjust the bonds to their falr value for presentation in the December 31, 2024, balance sheet, and adjust the bonds to their fair value for presentation in the December 31, 2025, balance sheet. Federal determined that none of the change in fair value in 2024 was due to a decline in general interest rates and one-haif of the increase in fair value in 2025 was due to a decline in general interest rates. Complete this question by entering your answers in the tabs below. Prepare the journal entries to adjust the bonds to their fair value for presentation in the December 31, 2024, balance sheet, and adjust the bonds to their fair value for presentation in the December 31, 2025, batance sheet. Federal determined that none of the change in fair value in 2024 was due to a decline in general interest rates and one-haif of the increase in fair value in 2025 was due to a decline in general interest rates. Note: Round intermediate calculations to nearest whale dollar. If no entry is required for a transaction/event, select "No journat entry required" in the first account field. Journal entry worksheet Record entry to adjust the bonds to their fair value for presentation in the December 31,2025 , balance sheet. Federal determined that one-half of the increase in fair value was due to a decline in general interest rates. Note: Enter debits before credits

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