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 ended December 31, 2018.
Record non-strategic investments; show statement presentation.
| 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.
|
Homework Answers
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The following Vermillion Corporation transactions are for bonds
that were purchased as a held for trading...
The following Tarjee Corporation transactions are for bonds that were purchased as a held for trading...
The following Tarjee Corporation transactions are for bonds that were purchased as a held for trading investment for the year ended December 31, 2018: Feb. 1 Purchased $250,000 of Leslye Corporation 3% bonds at 105 (this means 105% 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 $100,000 of the Leslye bonds at 102. Dec. 31 Accrued interest on the...
The following Springfield Corporation transactions are for bonds that were purchased as a held for trading...
The following Springfield Corporation transactions are for bonds that were purchased as a held for trading investment for the year ended December 31, 2018: Purchased $208,000 of Leslye Corporation 4% bonds at 106 (this means 106% of maturity value) Feb. 1 Interest is received semi-annually on August 1 and February 1. The bonds mature on February 1, 2020. Received interest on Leslye bonds Sold $83,200 of the Leslye bonds at 101. Accrued interest on the remaining bonds. Aug. 1 2...
The following Lawn Corporation transactions are for bonds that were purchased as a held for trading...
The following Lawn Corporation transactions are for bonds that were purchased as a held for trading investment for the year ended December 31, 2018: Feb. 1 Purchased $232,000 of Leslye Corporation 2% bonds at 106 (this means 106% 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 $92,800 of the Leslye bonds at 102. Dec. 31 Accrued interest on the...
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:
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...
The following Crown Point Corporation transactions are for bonds that were purchased as a held for...
The following Crown Point Corporation transactions are for bonds that were purchased as a held for trading investment for the year ended December 31, 2018: Feb. 1 Purchased $250,000 of Leslye Corporation 3% bonds at 105 (this means 105% 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 $100,000 of the Leslye bonds at 102. Dec. 31 Accrued interest on...
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....
During 2018, Bellevue Financial Corporation had the following held for trading investment transactions: Feb. Purchased 570...
During 2018, Bellevue Financial Corporation had the following held for trading investment transactions: Feb. Purchased 570 CBF common shares for $35,340. 1 Purchased 880 RSD common shares for $27,280. Mar. 1 Purchased 7% MRT bonds at face value, for $62,000. Interest is received semi-annually on April 1 and October 1. Apr. 1 Received a cash dividend of $3 per share on the CBF common shares. Sold 200 CBF common shares at $60 per share. July 1 Aug. 1 Received a...
At December 31, 2018, the held for trading investments for Pearl City Inc. are as follows:...
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During the year ended December 31, 2018, and in the following months of January and February...
During the year ended December 31, 2018, and in the following months of January and February 2019. Clinton Inc. had the following transactions pertaining to its held for trading investments: Ar 1 Purchased 2.000 Starr Corporation $5, preferred shares for $210.000 cash Jhly Received quarterly cash dividend. 2 Sold 500 Starr shares for $55,500 cash. Oct 1 Received quarterly cash dividend. Starr declared the quarterly dividend on November 22, to preferred shareholders of record on December 15, payable on January...
The following Tarjee Corporation transactions are for bonds that were purchased as a held for trading investment for the year ended December 31, 2018: Feb. 1 Purchased $250,000 of Leslye Corporation 3% bonds at 105 (this means 105% 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 $100,000 of the Leslye bonds at 102. Dec. 31 Accrued interest on the...
The following Springfield Corporation transactions are for bonds that were purchased as a held for trading investment for the year ended December 31, 2018: Purchased $208,000 of Leslye Corporation 4% bonds at 106 (this means 106% of maturity value) Feb. 1 Interest is received semi-annually on August 1 and February 1. The bonds mature on February 1, 2020. Received interest on Leslye bonds Sold $83,200 of the Leslye bonds at 101. Accrued interest on the remaining bonds. Aug. 1 2...
The following Lawn Corporation transactions are for bonds that were purchased as a held for trading investment for the year ended December 31, 2018: Feb. 1 Purchased $232,000 of Leslye Corporation 2% bonds at 106 (this means 106% 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 $92,800 of the Leslye bonds at 102. Dec. 31 Accrued interest on the...
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...
The following Crown Point Corporation transactions are for bonds that were purchased as a held for trading investment for the year ended December 31, 2018: Feb. 1 Purchased $250,000 of Leslye Corporation 3% bonds at 105 (this means 105% 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 $100,000 of the Leslye bonds at 102. Dec. 31 Accrued interest on...
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....
During 2018, Bellevue Financial Corporation had the following held for trading investment transactions: Feb. Purchased 570 CBF common shares for $35,340. 1 Purchased 880 RSD common shares for $27,280. Mar. 1 Purchased 7% MRT bonds at face value, for $62,000. Interest is received semi-annually on April 1 and October 1. Apr. 1 Received a cash dividend of $3 per share on the CBF common shares. Sold 200 CBF common shares at $60 per share. July 1 Aug. 1 Received a...
At December 31, 2018, the held for trading investments for Pearl City Inc. are as follows: Security Cost Fair Value A $19,100 $21,800 B 12,800 14,100 21,900 20,100 Totals $53,800 $56,000 Part 1 Prepare the adjusting entry at December 31 to report the held for trading investment portfolio at fair value. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter...
Your answer is partially correct. Following is information for Bramble Ltée's investments held for trading. Bramble is a public company and has a December 31 yes end. 2021 Sept. 28 Purchased 2,700 shares of Cygman Limited for $38 per share. Oct. 1 Purchased $228,000 of Rauk Inc. 4% bonds at face value. The bonds pay interest semi-annually on April 1 and Octobe Nov. 12 Sold 1,400 Cygman shares for $40 per share. Dec. 1 Received $1.50 per share dividend from...
During the year ended December 31, 2018, and in the following months of January and February 2019. Clinton Inc. had the following transactions pertaining to its held for trading investments: Ar 1 Purchased 2.000 Starr Corporation $5, preferred shares for $210.000 cash Jhly Received quarterly cash dividend. 2 Sold 500 Starr shares for $55,500 cash. Oct 1 Received quarterly cash dividend. Starr declared the quarterly dividend on November 22, to preferred shareholders of record on December 15, payable on January...
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