On January 1, 2019, Roosevelt Company purchased 12% bonds having a maturity
value of $500,000 for $537,907.40. The bonds provide the bondholders with a 10% yield.
They are dated January 1, 2019, and mature January 1, 2024, with interest, received
December 31 of each year. Roosevelt's business model was originally to hold these bonds to
collect contractual cash flows.
Now, assume that Roosevelt elected the fair value option for this held-for-collection
a. Prepare any entries necessary at December 31, 2019, assuming the fair value of the
bonds is $540,000.
b. Prepare any entries necessary at December 31, 2020, assuming the fair value of the
bonds is $525,000.
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