Business, 16.04.2020 03:06 pineapplefun

On January 1, 2018, the Gourmet's Restaurant decides to invest in Lake Redburgh bonds. The bonds mature on December 31, 2023, and pay interest on1. Journalize the transactions related to Gourmet's investment in Lake June 30 and December 31 at 4% annually. The market rate of interest was 4% on January 1, 2018, so the $120,000 maturity value bonds sold for face value Gourmet's intends to hold the bonds until December 31, 2023 Requirements Redburgh bonds during 2018 2. In what category would Gourmet's report the investment on the December 31 2018, balance sheet? Requirement 1. Journalize the transactions related to Gourmet's investment in Lake Redburgh bonds during 2018. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Begin by journalizing Gourmet's investment in Lake Redburgh bonds on January 1, 2018 Date Accounts and Explanation Debit Credit 2018 an Next, journalize Gourmet's receipt of interest on June 30, 2018 Date 2018 Jun. 30 Accounts and Explanation Debit Credit Now journalize Gourmet's receipt of interest on December 31, 2018 Date 2018 Dec. 31 Accounts and Explanation Debit Credit Requirement 2. In what category would Gourmet's report the investment on the December 31, 2018, balance sheet? Gourmet's would report the investment as a(n) ▼ debt investment classified as a ▼ asset on the December 31, 2018, balance sheet

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On January 1, 2018, the Gourmet's Restaurant decides to invest in Lake Redburgh bonds. The bonds mat...

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