Homework Answers
| Req 1 & 2) | ||||
| No | Date | General Journal | Debit | Credit |
| 1 | July 01,2021 | Investment in Bond | 240.00 | |
| Discount on bond investment (240 - 200) | 40.00 | |||
| Cash | 200.00 | |||
| (to record investment in bonds) | ||||
| 2 | December 31, 2021 | Cash (240 × 6% × 6/12) | 7.20 | |
| Discount on Bonds Investment (9.00 - 7.20) | 1.80 | |||
| Interest revenue (200 × 9% × 6/12) | 9.00 | |||
| (to record interest revenue for 6 months) | ||||
| Req 3) | ||||
| Investment | 201.80 | millions | ||
| Working Notes: | ||||
| Investment in Bonds | 240.00 | |||
| Less: unamortized Discount Bonds (40 - 1.80) | (38.20) | |||
| Value to be reported in Investment | 201.80 | |||
| Req 4) | ||||
| No | Date | General Journal | Debit | Credit |
| 1 | January 2, 2022 | Cash | 190.00 | |
| Discount on Investment in Bonds | 38.20 | |||
| Loss on sale of Investment | 11.80 | |||
| Investment in Bonds | 240.00 | |||
| (To record sale of Investment) | ||||
| Working Notes: | ||||
| Value of Investment as on 12/31/2018 | 201.80 | |||
| Less: Sale price of Investment | (190.00) | |||
| Loss/(Gain) on sale of Investment | 11.80 | |||
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This is a variation of E 12-1 modified to focus on trading securities.) 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 inter- est semiannually on June 30 and December 31. As a result of changing...
eStRevent 2001900 4.3 Alo Jornal Entrly (2uing E12-10 Static) Available-for-sale securities Tanner-UNF Corporation acquired as a long-term investment $240 million of 6% bonds, dated July 1, on July 1, 2021. Company management has classified the bonds as an available-for-sale investment. The market interest rate (yield) was 8% for bonds of similar risk anvd 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,...
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