Question: would like to check my work with what a tutor gets. Problem 3: On 1/1/22, Lionel, Inc. purchased $50,000H Company's 8% bonds for $54,000. Interest

would like to check my work with what a tutor gets.

Problem 3: On 1/1/22, Lionel, Inc. purchased $50,000H Company's 8% bonds for $54,000. Interest is paid each December 31, and the bonds mature in five years. Lionel classifies the investment as available-for-sale and uses the straight-line amortization method. Prepare journal entries to record the following: 1. The purchase of the bonds. 2. The receipt of the 12/31 interest payment. 3. The fair value of the investment at 12/31 is $52,000. 4. Tha hand nen aold an 01/01/3032 far $5200

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