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  3. 3. gamma corporation purchased an investment in $

3. Gamma Corporation purchased an investment in $70,000,000 face value 6 percent bonds in...

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Accounting

3. Gamma Corporation purchased an investment in $70,000,000 face value 6 percent bonds in Brass Monkey Corporation dated January 1,2023 for $66,666,633. For bonds of comparable risk, the current market rate is 7 percent. Interest is received semi-annually on June 30, and December 31. On December 31,2023 the FMV of the bond was $67,200,000.
(a) Prepare all necessary journal entries for 2023 assuming Gamma holds the bonds as available for sale. Show calculations.
(b) Show how the above activity would be presented on the Companys Income statement (Statement of Comprehensive Income) and the year-end balance sheet for the Investment. Be precise!

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