Chapter 1 Problem 12-15
Date Interest received Interest income Premium amortization Carrying value
Jan. 01, 2008 3,111,510
June 30, 2008 120,000 93,345 26,655 3,084,855
Dec. 31, 2008 120,000 92,546 27,454 3,057,401
June 30, 2009 120,000 91,722 28,278 3,029,123
Dec. 31, 2009 120,000 90,877 29,123 3,000,000
2008
Jan. 1 Held to maturity securities 3,111,510
Cash 3,111,510
June 30 Cash 120,000
Interest income 120,000
30 Interest income 26,655
Held to maturity securities 26,655
Dec. 31 Cash 120,000
Interest income 120,000
31 Interest income 27,454
Held to maturity securities 27,454
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