Business, 14.09.2021 07:00 melodeelathrom

Rick's Pawn Shop issued 11% bonds, dated January 1, with a face amount of $400,000 on January 1, 2022. The bonds sold for $370,000. For bonds of similar risk and maturity the market yield was 12%. Interest is paid semiannually on June 30 and December 31. Rick's determines interest at the effective rate and elected the option to report these bonds at their fair value. On December 31, 2022, the fair value of the bonds was $365,000, with $2,000 of the change due to a change in general interest rates. Rick's statement of comprehensive income will include:

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Rick's Pawn Shop issued 11% bonds, dated January 1, with a face amount of $400,000 on January 1, 202...

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