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Larkspur Corporation purchased, as a held-to-maturity investment, $55,000 of the 8%, 4-year bonds of Harns Inc....
Larkspur Corporation purchased, as a held-to-maturity investment, $55,000 of the 8%, 4-year bonds of Harrison, Inc....
Larkspur Corporation purchased, as a held-to-maturity investment, $55,000 of the 8%, 4-year bonds of Harrison, Inc. for $58,861, which provides a 6% return bonds pay interest semiannually. Prepare Larkspur's journal entries for (a) the purchase of the investment, and (b) the receipt of semiannual interest and premium amortization. Assume effects interest amortization is used. (Round answers to decimal places, e.g. 5,125. Credit account titles are automatically indented when amount is ent Do not indent manually. If no entry is required,...
Sheridan Corporation purchased on January 1, 2020, as a held-to-maturity investment, $52,000 of the 7%, 5-year...
Sheridan Corporation purchased on January 1, 2020, as a held-to-maturity investment, $52,000 of the 7%, 5-year bonds of Harrison, Inc. for $56,551, which provides a 5% return. The bonds pay interest semiannually. Prepare Sheridan's journal entries for (a) the purchase of the investment, and (b) the receipt of semiannual interest and premium amortization. Assume effective- interest amortization is used. (Round answers to 0 decimal places, e.g. 5,125. Credit account titles are automatically indented when amount is entered. Do not indent...
Carla Company purchased, on January 1, 2017, as a held-to-maturity investment, $66,000 of the 8%, 5-year...
Carla Company purchased, on January 1, 2017, as a
held-to-maturity investment, $66,000 of the 8%, 5-year bonds of
Chester Corporation for $60,996, which provides an 10%
return.
Prepare Carla’s journal entries for (a) the purchase of the
investment, and (b) the receipt of annual interest and discount
amortization. Assume effective-interest amortization is used.
(Round answers to 0 decimal places, e.g. 1,225. Credit
account titles are automatically indented when amount is entered.
Do not indent manually. If no entry is required,...
I do not understand entry B and why my answers are wrong. Practice Brief Exercise 17-01...
I do not understand entry B and why my answers are wrong.
Practice Brief Exercise 17-01 Your answer is partially correct. Try again Indigo Company purchased on January 1, 2020, as a held-to-maturity investment, $107,000 of the 6%, 6-year bonds of Harrison, Inc. for $96,958, which provides a 8% return. The bonds pay interest semiannually. Prepare Indigo's journal entries for (a) the purchase of the investment, and (b) the receipt of semiannual interest and discount amortization. Assume effective-interest amortization is...
Brief Exercise 17-1 Skysong Company purchased, on January 1, 2017, as a held-to-maturity investment, $65,000 of...
Brief Exercise 17-1 Skysong Company purchased, on January 1, 2017, as a held-to-maturity investment, $65,000 of the 10%, 5-year bonds of Chester Corporation for $60,314, which provides an 12% return. Prepare Skysong's journal entries for (a) the purchase of the investment, and (b) the receipt of annual interest and discount amortization. Assume effective-interest amortization is used (Round answers to o decimal places, e.g. 1,225. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no...
Question 11 Wildhorse Company purchased, on January 1, 2017, as a held-to-maturity investment, $68,000 of the...
Question 11 Wildhorse Company purchased, on January 1, 2017, as a held-to-maturity investment, $68,000 of the 10%, 5-year bonds of Chester Corporation for $63,098, which provides an 12% return. Prepare Wildhorse's journal entries for (a) the purchase of the investment, and (b) the receipt of annual interest and discount amortization. Assume effective-interest amortization is used. (Round answers to 0 decimal places, e.g. 1,225. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry...
Larkspur Corporation issued a 4-year, $81,000, zero-interest-bearing note to Brown Company on January 1, 2020, and...
Larkspur Corporation issued a 4-year, $81,000, zero-interest-bearing note to Brown Company on January 1, 2020, and received cash of $46,312. The implicit interest rate is 15%. Prepare Larkspur's journal entries for (a) the January 1 issuance and (b) the December 31 recognition of interest. (Round answers to O decimal places, e.g. 38,548. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered....
On January 1, 2020, Culver Corporation purchased 20% of the common shares of Larkspur Company for...
On January 1, 2020, Culver Corporation purchased 20% of the
common shares of Larkspur Company for $159,000. During the year,
Larkspur earned net income of $86,000 and paid dividends of
$21,500. Prepare the entries for Culver to record the purchase and
any additional entries related to this investment in Larkspur
Company in 2020. (Credit account titles are automatically indented
when amount is entered. Do not indent manually. If no entry is
required, select "No Entry" for the account titles and...
On January 1, 2017, Concord Company purchased 12% bonds having a maturity value of $390,000, for $419,567.77. The bonds provide the bondholders with a 10% yield. They are dated January 1, 2017, and m...
On January 1, 2017, Concord Company purchased 12% bonds having a maturity value of $390,000, for $419,567.77. The bonds provide the bondholders with a 10% yield. They are dated January 1, 2017, and mature January 1, 2022, with interest receivable January 1 of each year. Concord Company uses the effective-interest method to allocate unamortized discount or premium. The bonds are classified in the held-to-maturity category Prepare the journal entry at the date of the bond purchase. (Enter answers to 2...
Larkspur, Inc. issues $273,000, 10-year, 8% bonds at 98. Prepare the journal entry to record the...
Larkspur, Inc. issues $273,000, 10-year, 8% bonds at 98. Prepare the journal entry to record the sale of these bonds on March 1, 2022. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit
Larkspur Corporation purchased, as a held-to-maturity investment, $55,000 of the 8%, 4-year bonds of Harrison, Inc. for $58,861, which provides a 6% return bonds pay interest semiannually. Prepare Larkspur's journal entries for (a) the purchase of the investment, and (b) the receipt of semiannual interest and premium amortization. Assume effects interest amortization is used. (Round answers to decimal places, e.g. 5,125. Credit account titles are automatically indented when amount is ent Do not indent manually. If no entry is required,...
Sheridan Corporation purchased on January 1, 2020, as a held-to-maturity investment, $52,000 of the 7%, 5-year bonds of Harrison, Inc. for $56,551, which provides a 5% return. The bonds pay interest semiannually. Prepare Sheridan's journal entries for (a) the purchase of the investment, and (b) the receipt of semiannual interest and premium amortization. Assume effective- interest amortization is used. (Round answers to 0 decimal places, e.g. 5,125. Credit account titles are automatically indented when amount is entered. Do not indent...
Carla Company purchased, on January 1, 2017, as a
held-to-maturity investment, $66,000 of the 8%, 5-year bonds of
Chester Corporation for $60,996, which provides an 10%
return.
Prepare Carla’s journal entries for (a) the purchase of the
investment, and (b) the receipt of annual interest and discount
amortization. Assume effective-interest amortization is used.
(Round answers to 0 decimal places, e.g. 1,225. Credit
account titles are automatically indented when amount is entered.
Do not indent manually. If no entry is required,...
I do not understand entry B and why my answers are wrong.
Practice Brief Exercise 17-01 Your answer is partially correct. Try again Indigo Company purchased on January 1, 2020, as a held-to-maturity investment, $107,000 of the 6%, 6-year bonds of Harrison, Inc. for $96,958, which provides a 8% return. The bonds pay interest semiannually. Prepare Indigo's journal entries for (a) the purchase of the investment, and (b) the receipt of semiannual interest and discount amortization. Assume effective-interest amortization is...
Brief Exercise 17-1 Skysong Company purchased, on January 1, 2017, as a held-to-maturity investment, $65,000 of the 10%, 5-year bonds of Chester Corporation for $60,314, which provides an 12% return. Prepare Skysong's journal entries for (a) the purchase of the investment, and (b) the receipt of annual interest and discount amortization. Assume effective-interest amortization is used (Round answers to o decimal places, e.g. 1,225. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no...
Question 11 Wildhorse Company purchased, on January 1, 2017, as a held-to-maturity investment, $68,000 of the 10%, 5-year bonds of Chester Corporation for $63,098, which provides an 12% return. Prepare Wildhorse's journal entries for (a) the purchase of the investment, and (b) the receipt of annual interest and discount amortization. Assume effective-interest amortization is used. (Round answers to 0 decimal places, e.g. 1,225. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry...
Larkspur Corporation issued a 4-year, $81,000, zero-interest-bearing note to Brown Company on January 1, 2020, and received cash of $46,312. The implicit interest rate is 15%. Prepare Larkspur's journal entries for (a) the January 1 issuance and (b) the December 31 recognition of interest. (Round answers to O decimal places, e.g. 38,548. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered....
On January 1, 2020, Culver Corporation purchased 20% of the
common shares of Larkspur Company for $159,000. During the year,
Larkspur earned net income of $86,000 and paid dividends of
$21,500. Prepare the entries for Culver to record the purchase and
any additional entries related to this investment in Larkspur
Company in 2020. (Credit account titles are automatically indented
when amount is entered. Do not indent manually. If no entry is
required, select "No Entry" for the account titles and...
On January 1, 2017, Concord Company purchased 12% bonds having a maturity value of $390,000, for $419,567.77. The bonds provide the bondholders with a 10% yield. They are dated January 1, 2017, and mature January 1, 2022, with interest receivable January 1 of each year. Concord Company uses the effective-interest method to allocate unamortized discount or premium. The bonds are classified in the held-to-maturity category Prepare the journal entry at the date of the bond purchase. (Enter answers to 2...
Larkspur, Inc. issues $273,000, 10-year, 8% bonds at 98. Prepare the journal entry to record the sale of these bonds on March 1, 2022. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit
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