Homework Answers
Solution:
a) Journal Entries
| Date | Account Titles and Explanation | Debit | Credit |
| Feb.1 | Held for Trading Investments | $ 245,920 | |
| Cash | $ 245,920 | ||
| [ Being investment purchased] | |||
| Aug.1 | Cash | $ 2,320 | |
| Interest Revenue | $ 2,320 | ||
| (Being interest received) | |||
| Aug.2 | Cash | $ 94,656 | |
| Realized Loss on Held for Trading Investments | $ 3,712 | ||
| Held for Trading Investments | $ 98,368 | ||
| ( Being Investments sold) | |||
| Dec.31 | Interest Receivable | $ 1,160 | |
| Interest Revenue | $ 1,160 | ||
| (Being interest receivable) | |||
| Dec.31 | Unrealized Loss on Held for Trading Investments | $ 8,352 | |
| Held for Trading Investments | $ 8,352 | ||
| ( Being investments adjusted to fair value) |
b) Balance Sheet of Lawn Corporation.
| LAWN CORPORATION | ||
| Statement of Financial Position (Partial) | ||
| For the year ended December 31,2018 | ||
| Current Assets | ||
| Held for Trading Investments (232000-92800) | $ 139,200 | |
| Add: Accrued Interest Receivable | $ 1,160 | |
| Total | $ 140,360 | |
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that were purchased as a held for trading investment for the year
ended December 31, 2018:
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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.
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1
Received interest on Leslye
bonds.
2
Sold $89,600 of the Leslye bonds at
101.
Dec.
31
Accrued interest on the...
Fill in the income statement below
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that were purchased as a held for trading investment for the year
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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.
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1
Received interest on Leslye
bonds.
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Sold $89,600 of the Leslye bonds at
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