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n $1$ June $20$X$8,$ Ghana Company purchased $$7,300,000$ of Monaco Corp. $5\mathrm{.}70\%$ bonds, classified as a FVOCI$-$Bond investment. The bonds pay semi$-$annual interest each $30$ May and $30$ November. The market interest rate was $6\%$ on the date of purchase. The bonds mature on $30$ May $20$X$13.$

$($PV of $$1,$ PVA of $$1,$ and PVAD of $$1.)($Use appropriate factor$($s$)$ from the tables provided.$)$

Required:

$1.$ Calculate the price paid by Ghana Company. $($Round time value factor to $5$ decimal places. Round your intermediate calculations to $2$ decimal places and final answer to the nearest whole dollar amount.$)$

$2.$ Construct a table that shows interest revenue reported by Ghana, and the carrying value of the investment, for each interest period for four interest periods. Use the effective$-$interest method. $($Round your answers to the nearest whole dollar amount.$)$

$3.$ Prepare the entries for $20$X$8$ and for $20$X$9,$ including the year$-$end accrual, based on your calculations in requirement $2.($If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field. Round your answers to the nearest whole dollar amount.$)$

$4.$ At the year$-$end, $31$ December $20$X$8$ and $31$ December $20$X$9,$ the fair value of the bonds was $$7,500,000$ and $$6,905,000$ respectively. Prepare the entries to record the changes in fair value. $($If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field. Round your answers to the nearest whole dollar amount.$)$

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