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On January 1, 2021, Bonita Ltd. issued bonds with a maturity value of $4.50 million for $4,307,850, when the market rate of interest was 6%. The bonds have a contractual interest rate of 5% and mature on January 1, 2026. Interest on the bonds is payable semi- annually on July 1 and January 1 of each year. On January 1, 2021, Blossom Company, a public company, purchased Bonita Ltd. bonds with a maturity value of $0.90 million to earn interest. On December 31, 2021, the bonds were trading at 97. Both companies' year end is December 31 Click here to view the factor table. Present Value of 1 Click here to view the factor table. Present Value of an Annuity of 1 (For calculation purposes, use 5 decimal places as displayed in the factor table provided.) X Your answer is incorrect. What amount did Blossom Company pay for Bonita Ltd's bonds? (Round answer to decimal places, eg. 5,275.) Blossom Company paid 4307850 e Textbook and Media Your answer is partially correct. Prepare the journal entry for Blossom Company (investor) on January 1, 2021. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts. Round answers to decimal places, eg. 5,275.) Debit Credit Date Account Titles and Explanation Jan. 1 Investments at Amortized Cost Cash (To record purchase of investment.) eTextbook and Media Prepare a bond amortization schedule for Blossom Company for the first four interest periods. (Round answers to decimal places, eg. 5,275.) Bond Discount Amortization Table Effective Interest Method-Semi-annual Interest Payments 5% Bonds Issued at market rate of 6% (B) (C) Interest Revenue Discount Amortization (A) Interest Received (C Bond Amor Date Jan. 1. 2021 $ July 1. 2021 $ 24750 28432 $ 3,682 AO MA Jan. 1. 2022 24750 28542 3,792 July 1, 2022 24750 28.656 3,906 Jan. 1. 2023 24750 28.773 4,023 Prepare the journal entries for Blossom Company to record: (1) The receipt of interest on July 1, 2021. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts. Round answers to decimal places, eg. 5,275.) Date Account Titles and Explanation Debit Credit July 1 Cash Investments at Amortized Cost IT Interest Receivable (To record collection of interest on bonds.) (2) The accrual of interest on December 31, 2021. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts. Round answers to decimal places, eg,5,275.) Date Account Titles and Explanation Debit Credit Dec. 31 Interest Receivable Investments at Amortized Cost Interest Revenue (To accrue interest revenue.) (3) The receipt of interest on January 1, 2022. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts. Round answers to decimal places, eg. 5,275.) Date Account Titles and Explanation Debit Credit Jan. 1 Cash Interest Receivable (Collection of interest receivable.) Show how the bonds and related income statement accounts would be presented in Blossom Company's financial statements fo the year ended December 31, 2021. (Round answers to decimal places, eg. 5,275.) BLOSSOM COMPANY Balance Sheet (Partial) December 31, 2021 Current Assets Interest Receivable Non-Current Assets 11 Investments at Amortized Cost BLOSSOM COMPANY Income Statement (Partial) Year Ended December 31, 2021 Other Revenues Interest Revenue $ Prepare the journal entry for Bonita Ltd. (investee) on January 1, 2021. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts. Round answers to decimal places, eg. 5,275.) Date Account Titles and Explanation Debit Credit Jan. 1 Cash Bonds Payable (To record issuance of bonds payable.) eTextbook and Media Your answer is partially correct. Prepare the journal entries for Bonita Ltd. to record: (1) The payment of interest on July 1, 2021. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts. Round answers to decimal places, eg. 5,275.) Date Account Titles and Explanation Debit Credit Jul. 1 Interest Expense M Bonds Payable Cash (To record payment of interest on bonds.) (2) The accrual of interest expense on December 31, 2021. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts. Round answers to O decimal places, eg. 5,275.) Date Account Titles and Explanation Debit Credit Dec. 31 Interest Expense DIM Bonds Payable Interest Payable (To accrue interest expense.) (3) The payment of interest on January 1, 2022. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts. Round answers to decimal places, eg. 5,275.) Date Account Titles and Explanation Debit Credit Jan. 1 Interest Payable Cash (To record payment of interest payable on bonds.) e Textbook and Media Your answer is partially correct. Show how the bonds and related income statement accounts would be presented in Bonita Ltd's financial statements for the year ended December 31, 2021. (Round answers to decimal places, eg. 5,275.) BONITA LTD. Balance Sheet (Partial) December 31, 2021 Current Liabilities Interest Payable $ Non-Current Liabilities 11 Bonds Payable $ BONITA LTD. Income Statement (Partial) Year Ended December 31, 2021 Other Expenses Interest Expense