Homework Answers
| Debit | Credit | |||
| a | Investment in bonds | 590000 | ||
| Discount on bond investment | 80000 | |||
| Cash | 510000 | |||
| b | Cash | 5900 | =590000*2%*6/12 | |
| Discount on bond investment | 1750 | |||
| Interest revenue | 7650 | =510000*3%*6/12 | ||
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Lance Brothers Enterprises acquired $590,000 of 2% bonds, dated July 1, on July 1, 2016, as...
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Lance Brothers Enterprises acquired $545,000 of 5% bonds, dated July 1, on July 1, 2021, as a long-term investment Management has the positive intent and ability to hold the bonds until maturity. The market interest rate (yield) was 6% for bonds of similar risk and maturity. Lance Brothers paid $465,000 for the investment in bonds and will receive interest semiannually on June 30 and December 31. Prepare the journal entries (a) to record Lance Brothers' investment in the bonds on...
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Lance Brothers Enterprises acquired $560,000 of 4% bonds, dated July 1. on July 1, 2018, as a long-term investment Management has the positive intent and ability to hold the bonds until maturity. The market interest rate (yield) was 5% for bonds of similar risk and maturity. Lance Brothers paid $480,000 for the investment in bonds and will receive interest semiannually on June 30 and December Prepare the journal entries (a) to record Lance Brothers' investment in the bonds on July...
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Lance Brothers Enterprises acquired $545,000 of 5% bonds, dated July 1, on July 1, 2021, as a long-term investment Management has the positive intent and ability to hold the bonds until maturity. The market interest rate (yield) was 6% for bonds of similar risk and maturity. Lance Brothers paid $465,000 for the investment in bonds and will receive interest semiannually on June 30 and December 31. Prepare the journal entries (a) to record Lance Brothers' investment in the bonds on...
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Lance Brothers Enterprises acquired $560,000 of 4% bonds, dated July 1. on July 1, 2018, as a long-term investment Management has the positive intent and ability to hold the bonds until maturity. The market interest rate (yield) was 5% for bonds of similar risk and maturity. Lance Brothers paid $480,000 for the investment in bonds and will receive interest semiannually on June 30 and December Prepare the journal entries (a) to record Lance Brothers' investment in the bonds on July...
Tanner-UNF Corporation acquired as an investment $240 million of 6% bonds, dated July 1, on July 1, 2021. Company management is holding the bonds in its trading portfolio. The market interest rate (yield) was 8% for bonds of similar risk and maturity. Tanner-UNF paid $200 million for the bonds. The company will receive interest semiannually on June 30 and December 31. As a result of changing market conditions, the fair value of the bonds at December 31, 2021, was $210...
On February 1, 2016, Cromley Motor Products issued 6% bonds,
dated February 1, with a face amount of $85 million. The bonds
mature on January 31, 2020 (4 years). The market yield for bonds of
similar risk and maturity was 8%. Interest is paid semiannually on
July 31 and January 31. Barnwell Industries acquired $85,000 of the
bonds as a long-term investment. The fiscal years of both firms end
December 31.
Below is the list of 6 journal entries for...
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