Astro Mile & Co owns vast amounts of corporate bonds Suppose Astro Mile buys $500,000 of CoreCorp bonds at face value on

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Astro Mile Co Owns Vast Amounts Of Corporate Bonds Suppose Astro Mile Buys 500 000 Of Corecorp Bonds At Face Value On 1 (40.1 KiB) Viewed 30 times

Astro Mile & Co owns vast amounts of corporate bonds Suppose Astro Mile buys $500,000 of CoreCorp bonds at face value on January 2 2024. The CotoCorp bonds pay interest at the annual rate of 3% on June 30 and December 31 and mature on December 31, 2028. Autre Mile intends to hold the investment until maturity Read the resulcements Requirement 1. How would the bond investment be classified on Astro Mike's December 31, 2024 balance sheel? The ColeCarp hond investment will be classified as a long-horm asset as of December 31, 2024 Requirement 2a. Journalize on Astro Mile's books Receipt al final interest payment on December 31, 2028 (Record debits first then credite Select the explanation on the last line of the journal entry table) Date Accounts and Explanation 2028 Equity Investments Debit Credit Dec 31 500000 Cash 500000 Recened cash interest - X Requirements 1. How would the bond investment he classified on Astro Mile's December 31 2024. balance sheet? 2. Journalize the following on Astro Mile's books 2 Receipt of final interest payment on December 31, 2028 b. Disposition of the investment at maturity on December 31, 2028 Print Done