Homework Answers
Part A
|
Account titles and explanation |
Debit |
Credit |
|
Available-for-Sale Securities [(110000+(50000X1.04))+37400] |
199400 |
|
|
Interest revenue (50000X0.12X4/12) |
2000 |
|
|
Investments |
201400 |
Part B
|
Date |
Account titles and explanation |
Debit |
Credit |
|
December 31, 2022 |
Interest Receivable [(50000X0.12X10/12) + (110000 X 0.11 X 3 / 12)] |
8025 |
|
|
Interest Revenue((6/236)X2000) |
(51) |
||
|
Debt investments (available for sale) |
3025 |
Part C
|
December 31, 2022 Available-for-Sale Portfolio |
|||
|
Securities |
Fair value |
Unrealized Gain (Loss) |
|
|
Sharapova Company stock |
37400 |
31800 |
(5600) |
|
U.S. government bonds |
110000 |
124700 |
14700 |
|
McGrath Company bonds |
51949 |
58600 |
6651 |
|
Total |
199349 |
215100 |
15751 |
|
Previous fair value adjustment balance |
0 |
||
|
Fair value adjustment—Dr. |
15751 |
50000 X 1.04 = 5
|
Date |
Account titles and explanation |
Debit |
Credit |
|
December 31, 2022 |
Fair Value Adjustment (Available-for-Sale) |
15751 |
|
|
Unrealized Holding Gain or Loss—Equity |
15751 |
Part D
|
Date |
Account titles and explanation |
Debit |
Credit |
|
July 1, 2023 |
Cash (119200 + 3025) |
122225 |
|
|
Available-for-Sale Securities |
110000 |
||
|
Interest Revenue ($110,000 X 11% X 3/12) |
3025 |
||
|
Gain on Sale of Securities |
9200 |
Add Answer to:
P17.3 (LO 1, 2) (Debt and Equity Investments) Cardinal Paz Corp. carries an account in its...
Problem 17-3 Cardinal Paz Corp, carmies an account in its general ledger called Investments, which contained...
Problem 17-3 Cardinal Paz Corp, carmies an account in its general ledger called Investments, which contained debits for investment purchases, and no credits, with the following descriptions Feb. 1, 2017 Sharapova Company common stock, $100 par, 200 shares April July 1 537,400 us government bonds, 11%, due April, 2027, nterest payable Aprn and October 1, 110 bonds of $1,000 par each 110,000 . McGrathCompany 12% bonds, par $50,000, dated March 1, 2017, purchased at 104 plus accrued interest, interest payable...
Oriole Corp. carries an account in its general ledger called Investments, which contained debits for investment...
Oriole Corp. carries an account in its general ledger called Investments, which contained debits for investment purchases, and no credits, with the following descriptions. Feb. 1, 2017 Sharapova Company common stock, $110 par, 220 shares $36,300 April 1 U.S. government bonds, 12%, due April 1, 2027, interest payable April 1 and October 1, 108 bonds of $1,000 par each 108,000 July 1 McGrath Company 12% bonds, par $53,500, dated March 1, 2017, purchased at 104 plus accrued interest, interest payable...
Problem 17-03 Pharoah Corp. carries an account in its general ledger called Investments, which contained debits...
Problem 17-03 Pharoah Corp. carries an account in its general ledger called Investments, which contained debits for investment purchases, and no credits, with the following descriptions. $38,600 Feb. 1, 2020 April 1 Sharapova Company common stock, $80 par, 160 shares U.S. government bonds, 12%, due April 1, 2030, interest payable April 1 and October 1, 108 bonds of $1,000 par each McGrath Company 12% bonds, par $48,600, dated March 1, 2020, purchased at 104 plus accrued interest, interest payable annually...
Problem 17-3 Coronado Corp. carries an account in its general ledger called Investments, which contained debits...
Problem 17-3 Coronado Corp. carries an account in its general ledger called Investments, which contained debits for investment purchases, and no credits, with the following descriptions. $40,300 Feb. 1, 2017 April 1 Sharapova Company common stock, $120 par, 240 shares U.S. government bonds, 11%, due April 1, 2027, interest payable April 1 and October 1, 108 bonds of $1,000 par each McGrath Company 12% bonds, par $45,000, dated March 1, 2017, purchased at 104 plus accrued interest, interest payable annually...
Coronado Corp. carries an account in its general ledger called Investments, which contained debits for investment...
Coronado Corp. carries an account in its general ledger called Investments, which contained debits for investment purchases, and no credits, with the following descriptions. Feb. 1, 2017 Sharapova Company common stock, $80 par, 160 shares $38,600 April 1 U.S. government bonds, 12%, due April 1, 2027, interest payable April 1 and October 1, 108 bonds of $1,000 par each 108,000 July 1 McGrath Company 12% bonds, par $48,600, dated March 1, 2017, purchased at 104 plus accrued interest, interest payable...
Problem 17-3 Sweet Corp. carries an account in its general ledger called Investments, which contained debits...
Problem 17-3
Sweet Corp. carries an account in its general ledger called
Investments, which contained debits for investment purchases, and
no credits, with the following descriptions.
Feb. 1, 2017
Sharapova Company common stock, $80 par, 160 shares
$38,500
April 1
U.S. government bonds, 12%, due April 1, 2027, interest payable
April 1 and October 1, 108 bonds of $1,000 par each
108,000
July 1
McGrath Company 12% bonds, par $53,300, dated March 1, 2017,
purchased at 104 plus accrued interest,...
Problem 17-3 Monty Corp. carries an account in its general ledger called Investments, which contained debits for investm...
Problem 17-3
Monty Corp. carries an account in its general ledger called
Investments, which contained debits for investment purchases, and
no credits, with the following descriptions.
Feb. 1, 2017
Sharapova Company common stock, $120 par, 240 shares
$34,200
April 1
U.S. government bonds, 11%, due April 1, 2027, interest payable
April 1 and October 1, 108 bonds of $1,000 par each
108,000
July 1
McGrath Company 12% bonds, par $49,800, dated March 1, 2017,
purchased at 104 plus accrued interest,...
Sweet Corp. carries an account in its general ledger called Investments, which contained debits for investment...
Sweet Corp. carries an account in its general ledger called Investments, which contained debits for investment purchases, and no credits, with the following descriptions. $38,500 Sharapova Company common stock, $80 par, 160 shares Feb. 1, 2017 U.S. government bonds, 12%, due April 1, 2027, interest payable April 1 and October 1, 108 bonds of $1,000 par each April 1 108,000 McGrath Company 12% bonds, par $53,300, dated March 1, 2017, purchased at 104 plus accrued interest, interest payable annually on...
veet Corp. carries an account in its general ledger called Investments, which contained debits for investment...
veet Corp. carries an account in its general ledger called Investments, which contained debits for investment archases, and no credits, with the following descriptions. $38,500 eb. 1, 2017 April 1 Sharapova Company common stock, $80 par, 160 shares U.S. government bonds, 12%, due April 1, 2027, interest payable April 1 and October 1, 108 bonds of $1,000 par each McGrath Company 12% bonds, par $53,300, dated March 1, 2017, purchased at 104 plus accrued interest, interest payable annually on March...
The following information relates to the debt securities investments of Crane Company. 1. On February 1,...
The following information relates to the debt securities investments of Crane Company. 1. On February 1, the company purchased 12% bonds of Gibbons Co. having a par value of $315,600 at 100 plus accrued interest. Interest is payable April 1 and October 1. 2. On April 1, semiannual interest is received. 3. On July 1, 9% bonds of Sampson, Inc. were purchased. These bonds with a par value of $212,400 were purchased at 100 plus accrued interest. Interest dates are...
Problem 17-3 Cardinal Paz Corp, carmies an account in its general ledger called Investments, which contained debits for investment purchases, and no credits, with the following descriptions Feb. 1, 2017 Sharapova Company common stock, $100 par, 200 shares April July 1 537,400 us government bonds, 11%, due April, 2027, nterest payable Aprn and October 1, 110 bonds of $1,000 par each 110,000 . McGrathCompany 12% bonds, par $50,000, dated March 1, 2017, purchased at 104 plus accrued interest, interest payable...
Problem 17-03 Pharoah Corp. carries an account in its general ledger called Investments, which contained debits for investment purchases, and no credits, with the following descriptions. $38,600 Feb. 1, 2020 April 1 Sharapova Company common stock, $80 par, 160 shares U.S. government bonds, 12%, due April 1, 2030, interest payable April 1 and October 1, 108 bonds of $1,000 par each McGrath Company 12% bonds, par $48,600, dated March 1, 2020, purchased at 104 plus accrued interest, interest payable annually...
Problem 17-3 Coronado Corp. carries an account in its general ledger called Investments, which contained debits for investment purchases, and no credits, with the following descriptions. $40,300 Feb. 1, 2017 April 1 Sharapova Company common stock, $120 par, 240 shares U.S. government bonds, 11%, due April 1, 2027, interest payable April 1 and October 1, 108 bonds of $1,000 par each McGrath Company 12% bonds, par $45,000, dated March 1, 2017, purchased at 104 plus accrued interest, interest payable annually...
Problem 17-3
Sweet Corp. carries an account in its general ledger called
Investments, which contained debits for investment purchases, and
no credits, with the following descriptions.
Feb. 1, 2017
Sharapova Company common stock, $80 par, 160 shares
$38,500
April 1
U.S. government bonds, 12%, due April 1, 2027, interest payable
April 1 and October 1, 108 bonds of $1,000 par each
108,000
July 1
McGrath Company 12% bonds, par $53,300, dated March 1, 2017,
purchased at 104 plus accrued interest,...
Problem 17-3
Monty Corp. carries an account in its general ledger called
Investments, which contained debits for investment purchases, and
no credits, with the following descriptions.
Feb. 1, 2017
Sharapova Company common stock, $120 par, 240 shares
$34,200
April 1
U.S. government bonds, 11%, due April 1, 2027, interest payable
April 1 and October 1, 108 bonds of $1,000 par each
108,000
July 1
McGrath Company 12% bonds, par $49,800, dated March 1, 2017,
purchased at 104 plus accrued interest,...
Sweet Corp. carries an account in its general ledger called Investments, which contained debits for investment purchases, and no credits, with the following descriptions. $38,500 Sharapova Company common stock, $80 par, 160 shares Feb. 1, 2017 U.S. government bonds, 12%, due April 1, 2027, interest payable April 1 and October 1, 108 bonds of $1,000 par each April 1 108,000 McGrath Company 12% bonds, par $53,300, dated March 1, 2017, purchased at 104 plus accrued interest, interest payable annually on...
veet Corp. carries an account in its general ledger called Investments, which contained debits for investment archases, and no credits, with the following descriptions. $38,500 eb. 1, 2017 April 1 Sharapova Company common stock, $80 par, 160 shares U.S. government bonds, 12%, due April 1, 2027, interest payable April 1 and October 1, 108 bonds of $1,000 par each McGrath Company 12% bonds, par $53,300, dated March 1, 2017, purchased at 104 plus accrued interest, interest payable annually on March...
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