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Brief Exercise 17-4 Headland Corporation purchased trading Investment bonds for $63,000 at par. At December 31,...
Culver Corporation purchased trading investment bonds for $58,000 at par
Culver Corporation purchased trading investment bonds for $58,000 at par. At December 31, Culver received annual interest of $2,320, and the fair value of the bonds was $55,600. Prepare Culver's journal entries for (a) the purchase of the investment, (b) the interest received, and (c) the fair value adjustment. (Assume a zero balance in the Fair Value Adjustment account.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry"...
Sage Corporation purchased trading investment bonds for $59,000 at par
Sage Corporation purchased trading investment bonds for $59,000 at par. At December 31, Sage received annual interest of $2,360, and the fair value of the bonds was $56,500. Prepare Sage' journal entries for (a) the purchase of the investment, (b) the interest received, and (c) the fair value adjustment. (Assume Value Adjustment account.) (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 enter...
Sunland Corporation purchased trading investment bonds for $45,000 at par. At December 31, Sunland received annual...
Sunland Corporation purchased trading investment bonds for
$45,000 at par. At December 31, Sunland received annual interest of
$1,800, and the fair value of the bonds was $42,200.
Prepare Sunland' journal entries for (a) the purchase of the
investment, (b) the interest received, and (c) the fair value
adjustment. (Assume a zero balance in the Fair Value Adjustment
account.) (Credit account titles are automatically
indented when amount is entered. Do not indent manually. If no
entry is required, select "No...
On October 1, Bramble Ltd. purchased 7% bonds with a face value of $1,000 for trading...
On October 1, Bramble Ltd. purchased 7% bonds with a face value of $1,000 for trading purposes, accounting for the investment at FV-NI. The bonds were priced at 1.020 to yield Bramble 3%, and pay interest annually each October 1. Bramble has a December 31 year end, and at this date, the bonds' fair value was $1,055. Assume Bramble applies IFRS and follows a policy of not reporting interest income separately from other investment income. Prepare Bramble's journal entry for...
Brief Exercise 17-2 Culver Company purchased, on January 1, 2017, as an available-for-sale security, $74,000 of...
Brief Exercise 17-2 Culver Company purchased, on January 1, 2017, as an available-for-sale security, $74,000 of the 1196, 5-year bonds of Chester Corporation for $68,794, which provides an 13% Prepare Culver's journal entries for (a) the purchase of the investment, (b) the receipt of annual interest and discount amortization, and (c) the year-end fair value adjustment. (Assume a zero balance in the Fair Value Adjustment account.) The bonds have a year-end fair value of $70,300. (Round answers to 0 decimal...
Brief Exercise 12-2 On January 1, 2018, Marshall Ltd. purchased $221,000 of 9 , 10-year bonds...
Brief Exercise 12-2 On January 1, 2018, Marshall Ltd. purchased $221,000 of 9 , 10-year bonds at face value (100) with the intention of selling the bonds early the next year. Interest is received semi-annually only 1 and January 1. At December 31, 2018, which is the company's fiscal year end, the bonds were trading in the market at 95 (this means 95% of maturity value) Using the fair value through profit or loss model, prepare the journal entry to...
Brief Exercise 15-03 a-c Cullumber Corporation issued 3,300, 7%, 5-year, $1,000 bonds dated January 1, 2020,...
Brief Exercise 15-03 a-c Cullumber Corporation issued 3,300, 7%, 5-year, $1,000 bonds dated January 1, 2020, at 100. Interest is paid each January 1. Prepare the journal entry to record the sale of these bonds on January 1, 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Date Janaury 1, 2020 LINK TO TEXT Prepare the adjusting journal entry on December 31, 2020, to record interest expense. (Credit...
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...
Brief Exercise 10-10 Indigo Corporation issued 3,000 8%, 6-year, $1,000 bonds dated January 1, 2022, at...
Brief Exercise 10-10 Indigo Corporation issued 3,000 8%, 6-year, $1,000 bonds dated January 1, 2022, at face value. Interest is paid each January 1. (a) Prepare the journal entry to record the sale of these bonds on January 1, 2022. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Debit Credit Date Account Titles and Explanation Jan. 1, 2022 (b) Prepare the adjusting journal entry on December 31, 2022, to record interest expense. (Credit account...
Sunland Corporation purchased trading investment bonds for
$45,000 at par. At December 31, Sunland received annual interest of
$1,800, and the fair value of the bonds was $42,200.
Prepare Sunland' journal entries for (a) the purchase of the
investment, (b) the interest received, and (c) the fair value
adjustment. (Assume a zero balance in the Fair Value Adjustment
account.) (Credit account titles are automatically
indented when amount is entered. Do not indent manually. If no
entry is required, select "No...
On October 1, Bramble Ltd. purchased 7% bonds with a face value of $1,000 for trading purposes, accounting for the investment at FV-NI. The bonds were priced at 1.020 to yield Bramble 3%, and pay interest annually each October 1. Bramble has a December 31 year end, and at this date, the bonds' fair value was $1,055. Assume Bramble applies IFRS and follows a policy of not reporting interest income separately from other investment income. Prepare Bramble's journal entry for...
Brief Exercise 17-2 Culver Company purchased, on January 1, 2017, as an available-for-sale security, $74,000 of the 1196, 5-year bonds of Chester Corporation for $68,794, which provides an 13% Prepare Culver's journal entries for (a) the purchase of the investment, (b) the receipt of annual interest and discount amortization, and (c) the year-end fair value adjustment. (Assume a zero balance in the Fair Value Adjustment account.) The bonds have a year-end fair value of $70,300. (Round answers to 0 decimal...
Brief Exercise 12-2 On January 1, 2018, Marshall Ltd. purchased $221,000 of 9 , 10-year bonds at face value (100) with the intention of selling the bonds early the next year. Interest is received semi-annually only 1 and January 1. At December 31, 2018, which is the company's fiscal year end, the bonds were trading in the market at 95 (this means 95% of maturity value) Using the fair value through profit or loss model, prepare the journal entry to...
Brief Exercise 15-03 a-c Cullumber Corporation issued 3,300, 7%, 5-year, $1,000 bonds dated January 1, 2020, at 100. Interest is paid each January 1. Prepare the journal entry to record the sale of these bonds on January 1, 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Date Janaury 1, 2020 LINK TO TEXT Prepare the adjusting journal entry on December 31, 2020, to record interest expense. (Credit...
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...
Brief Exercise 10-10 Indigo Corporation issued 3,000 8%, 6-year, $1,000 bonds dated January 1, 2022, at face value. Interest is paid each January 1. (a) Prepare the journal entry to record the sale of these bonds on January 1, 2022. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Debit Credit Date Account Titles and Explanation Jan. 1, 2022 (b) Prepare the adjusting journal entry on December 31, 2022, to record interest expense. (Credit account...
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