Homework Answers
| (a) | Date | Account titles and explanation | Debit | Credit | ||||
| Jan 1. | Debt investment | 62000 | ||||||
| Cash | 62000 | |||||||
| (Purchased 62 $1000,8% TRC bonds) | ||||||||
| Feb 1. | Stock investments | 44720 | ||||||
| Cash | 44720 | |||||||
| (Purchased 1040 shares of LAF) | ||||||||
| Mar 1. | Stock investments | 16280 | ||||||
| Cash | 16280 | |||||||
| (Purchased 440 shares of NCL) | ||||||||
| July 1. | Cash | (1040*0.80) | 832 | |||||
| Dividend income | ||||||||
| (Received cash dividend) | ||||||||
| Aug 1. | Cash | (176*42) | 7392 | |||||
| Realized gain on stock investments | (7568-7392) | 176 | ||||||
| Stock investments | (Note:1) | 7568 | ||||||
| (Sale of 176 shares of LAF) | ||||||||
| Sept 1. | Cash | (440*2) | 880 | |||||
| Dividend income | 880 | |||||||
| (Received cash dividend) | ||||||||
| Dec 31. | Cash | (62000*8%) | 4960 | |||||
| Interest income | 4960 | |||||||
| (Received interest on bond ) | ||||||||
| Dec 31. | Cash | 67700 | ||||||
| Realized loss on debt investments | 5700 | |||||||
| Debt investments | 62000 | |||||||
| (Sold the TRC bonds) | ||||||||
| Note:1 | ||||||||
| 1040 shares purchased at $ 44720 | ||||||||
| Cost per share=44720/1040=$ 43 | ||||||||
| Cost of 176 shares sold=176*43=$ 7568 | ||||||||
| Stock investments | ||||||||
| Feb 1. | 44720 | Aug 1. | 7568 | |||||
| Mar 1. | 16280 | |||||||
| 61000 | 7568 | |||||||
| Bal. | 53432 | |||||||
| Debt investments | ||||||||
| Jan 1. | 62000 | Dec 31. | 62000 | |||||
| Total | 62000 | Total | 62000 | |||||
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