Accounting for bond investments astra mile co owns vast, Accounting Basics

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Accounting for bond investments astra mile co owns vast

Question: Accounting for bond investments Astra Mile & Co. owns vast amounts of Requirements corporate bonds. Suppose Astra Mile buys $1,000,000 of BloomCo bonds at face value on January 2, 2016. The BloomCo bonds pay interest at the annual rate of 6% on June 30 and December 31 and mature on December 31, 2035. Astra Mile intends to hold the investment until maturity.

Requirements: 1. Journalize any required 2016 entries for the bond investment.

2. How much cash interest will Astra Mile receive each year from BloomCo?

3. How much interest revenue will Astra Mile report during 2016 on this bond investment?

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