The following Vermillion Corporation transactions are for bonds
that were purchased as a held for trading investment for the year
ended December 31, 2018:
| Feb. | 1 | Purchased $224,000 of Leslye
Corporation 3% bonds at 104 (this means 104% of maturity
value). Interest is received semi-annually on August 1 and February 1. The bonds mature on February 1, 2020. |
|
| Aug. | 1 | Received interest on Leslye bonds. | |
| 2 | Sold $89,600 of the Leslye bonds at 101. | ||
| Dec. | 31 | Accrued interest on the remaining bonds. | |
| 31 |
The fair value of the remaining bonds was 100 on this date. Fill in the blanks below
|
Homework Answers
Answer:
| VERMILLION CORPORATION | |
| Statement of Financial Position (Partial) | |
| For the year ended December 31,2018 | |
| Amount($) | |
| Current Assets | |
| Held for Trading Investments (224,000-89600) | 1,34,400 |
| Add: Accrued Interest Receivable((224,000-89600)*3%*5/12) | 1,680 |
| Total | 1,36,080 |
Add Answer to:
The following Vermillion Corporation transactions are for bonds
that were purchased as a held for trading...
The following Vermillion Corporation transactions are for bonds that were purchased as a held for trading...
The following Vermillion Corporation transactions are for bonds
that were purchased as a held for trading investment for the year
ended December 31, 2018:
A) Fill in the blanks below.
B) Show how the investment would be presented on the statement
of financial position at December 31, 2018.
(C) Determine the balance in each of the income statement
accounts that are affected in the transactions above and indicate
how they would be presented on the income statement for the year...
Fill in the income statement below The following Vermillion Corporation transactions are for bonds that were...
Fill in the income statement below
The following Vermillion Corporation transactions are for bonds
that were purchased as a held for trading investment for the year
ended December 31, 2018:
Feb.
1
Purchased $224,000 of Leslye
Corporation 3% bonds at 104 (this means 104% of maturity
value).
Interest is received semi-annually on August 1 and February 1. The
bonds mature on February 1, 2020.
Aug.
1
Received interest on Leslye
bonds.
2
Sold $89,600 of the Leslye bonds at
101....
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The following Vermillion Corporation transactions are for bonds
that were purchased as a held for trading investment for the year
ended December 31, 2018:
A) Fill in the blanks below.
B) Show how the investment would be presented on the statement
of financial position at December 31, 2018.
(C) Determine the balance in each of the income statement
accounts that are affected in the transactions above and indicate
how they would be presented on the income statement for the year...
Fill in the income statement below
The following Vermillion Corporation transactions are for bonds
that were purchased as a held for trading investment for the year
ended December 31, 2018:
Feb.
1
Purchased $224,000 of Leslye
Corporation 3% bonds at 104 (this means 104% of maturity
value).
Interest is received semi-annually on August 1 and February 1. The
bonds mature on February 1, 2020.
Aug.
1
Received interest on Leslye
bonds.
2
Sold $89,600 of the Leslye bonds at
101....
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Please show calculations.
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