Question: solve please Entries for TS: Effective interest Method On July 1 of Year 1, West Company purchased for cash, 26, 510,000 bonds of North Cocporation

solve please

Cocporation at market rate of 6%. The bonds pay Sy interest, payable

Entries for TS: Effective interest Method On July 1 of Year 1, West Company purchased for cash, 26, 510,000 bonds of North Cocporation at market rate of 6%. The bonds pay Sy interest, payable on a semiannual basis each july 1 and january 1 , and mature in three years on july 1 . The bonds are classified as trading securities. West Companys annaal reporting period ends Decomber 31 , Assume the effective interest method of amortization of any discounts or premiums. Note: When answering the following questions, round answers to the nearest whole dollar. a. Prepare a bond amortization schedule for the life of the bonds using the effective interest method. Note: When answering the following questions, round answers to the nearest whole dollar, b. Record the entry for the purchase of the bonds by West Company on July 1 of Year: 1 . c. Record the adjusting entries by West Company on December 31 of Year to accrue interest revenue and record the unrealized gain or loss: The fair value of the bonds on December 31 of Year 1 was $269,750. d. Record the receipt of interest on January 1 of Year 2. e. Record the sale of all of the bonds on January 2 of Year 2 for $269,913. f. Record the adjustment to the Fair Value Adjustment account on December 31 of Year 2, assuming no additional TS investments

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