Prepare the fair value adjusting entry for Swift Enterprise as of 12/31/20. Show your work. Show or
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Question:
- Prepare the fair value adjusting entry for Swift Enterprise as of 12/31/20. Show your work.
- Show or describe exactly and specifically what will appear on the Balance Sheet of Swift Enterprise as of 12/31/20, related to these bonds.
- Show or describe exactly and specifically what will appear on the Income Statement of Swift Enterprise for the year ending 12/31/20.
- Prepare the journal entries Swift Enterprise should make on the following dates related to this investment. Assume that the fair value of these bonds is $735,000 at 12/31/21. Show your work.
6/30/21:
12/31/21:
- Assume Swift sells these bonds on 4/1/22 for $782,000. Prepare all journal entries required on 4/1/22. Show your work.
Accrue interest as of 4/1/22:
Adjust to fair value as of 4/1/22:
Reclassification entry as of 4/1/22:
Record the sale of the investment on 4/1/22:
Related Book For
Posted Date: