Question: Prepare an (AMORTIZATION SCHEDULE) for problem 12-4. This is all that was given. 5. How would Fuzly iOO [This problem is a variation of Problem

Prepare an (AMORTIZATION SCHEDULE) for problem 12-4. This is all that was given. was given. 5. How would Fuzly iOO [This problem is a variation

5. How would Fuzly iOO [This problem is a variation of Problem 12-3, modified to cause the investment to be ac fair value option.] accounted for under the P 12-4 Fair value option; Fuzzy y Monkey Technologies, Inc., purchased as a long-term investment $80 million of 8% bond investment effective interest January I, on January 1, 2016. Management intends to have the investment available for sale when ci LO12-1 LO12-2, LO12-3 LO12-7 stances warrant. When the company purchased the bonds, management elected to account for them under th i value option. For bonds of similar risk and maturity the market yield was 10% The price paid for the bonds w S66 million. Interest is received semiannually on June 30 and December 31. Due to changing market condion the fair value of the bonds at December 31, 2016, was $70 million. Required 1. Prepare the journal entry to record Fuzzy Monkey's investment on January 1, 2016. 2. Prepare the journal entry by Fuzzy Monkey to record interest on June 30, 2016 (at the effective rate

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