Welcome
Nursing

Teal Mountain Incorporated issued $0.62 million of 6.5%, 10-year bonds on July 1, 2019, at face value. Interest is payable each December 31. The company has chosen to apply the fair value option in accounting for the bonds. A risk assessment at December 31, 2020, shows that Teal Mountain’s credit risk has increased, and as a result of the increased credit risk, the fair value of the bonds is $558,000 on that date. Prepare the company’s journal entries on December 31, 2020, if Teal Mountain follows ASPE.

- August 24, 2022 - Edwin Tunner

Teal Mountain Incorporated issued $0.62 million of 6.5%, 10-year bonds on July 1, 2019, at face value. Interest is payable each December 31. The company has chosen to apply the fair value option in accounting for the bonds. A risk assessment at December 31, 2020, shows that Teal Mountain’s credit risk has increased, and as a result of the increased credit risk, the fair value of the bonds is $558,000 on that date.

Prepare the company’s journal entries on December 31, 2020, if Teal Mountain follows ASPE. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select “No Entry” for the account titles and enter 0 for the amounts.)

Date

Account Titles and Explanation

Debit

Credit

Dec. 31, 2020

      
       
 

(To record payment of interest)

    

Dec. 31, 2020

      
       
 

(To record fair value adjustment)

Prepare the company’s journal entries on December 31, 2020, if Teal Mountain follows IFRS 9. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select “No Entry” for the account titles and enter 0 for the amounts.)

Date

Account Titles and Explanation

Debit

Credit

Dec. 31, 2020

      
       
 

(To record payment of interest)

    

Dec. 31, 2020

      
       
 

(To record fair value adjustment)
Tired of numerous paper assignments?
Rely on us and receive professional paper writing assistance!
Order Now
Professional paper Writing Assistance

Who We Are

We are a professional website for customized writing. If you searched a question and stumbled into our website, you are in the right place to receive assistance with your coursework.

Do you handle any type of coursework?

Yes. We have displayed prior orders to demonstrate our experience. We can answer this question for you as we have previously. Please fill out our Order Form so that we may ensure its flawlessness. Correctly completing the order form will help our staff with reference, requirements, and future communication.

Is it hard to Place an Order?

  1. Click on the “Order Now” tab at the top menu or “GET A FREE QUOTE” icon at the bottom and a new page will appear with an order form to be filled
  2. Fill in the initial requirements in the small order form located on the home page and press “continue” button to proceed to the main order form or press “order” button in the header menu. Starting from there let our system intuitively guide you through all steps of ordering process. Submit detailed paper instructions, upload necessary files if needed and provide your contact information – you are almost done!
  3. Proceed with the payment- click on “PROCEED TO CHECKOUT” at the bottom of the page. From there, the payment sections will show, follow the guided payment process and your order will be available for our writing team to work on it. All your payments are processed securely through PayPal. This enables us to guarantee a 100% security of your funds and process payments swiftly.
  4. Delivery- Once finished, your final paper will be available for download through your personal dashboard. You will also receive an email notification with a copy of your paper attached to it.