On December 31, 2020, Gibbs Co. acquired bonds issued by Walden
Co. for $112,290. They have a face amount of $100,000, pay 12%
interest, and were purchased to yield 10%. The maturity date is
December 31, 2030, and interest is due every December 31. The fair
value of the bonds on December 31, 2021, is $108,500. Required: (1)
Complete the amortization schedule through the first interest
payment on December 31, 2021. (2) Prepare the journal entry(ies)
that Gibbs would make...