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QS 15-6 (Algo) Accounting for debt investments classified as held-to-maturity LO P2 Prepare Garzon Company's journal entries to record the following transactions for the current year. January 1 Purchases 7% bonds (as a held - to - maturity investment) issued by PBS at a cost of $50, 400, which is the par value. June 30 Receives first semiannual payment of interest from PBS bonds. December 31 Receives a check from PBS in payment of principal ($50, 400) and the second semiannual payment of interest.

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#7 ABC Company purchased bonds with a face amount of $1200000 between interest payment dates. ABC purchased the bonds at 102, paid brokerage costs of $15800, and paid accrued interest for three months of $25800. The amount to record as the cost of this long-term investment in bonds is $1239800. $1200000. $1224000. $1265600.

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cam Acc III-June 23 1 O:22:27 C Mc Graw Hill Monkey Mortgage Inc. engaged in the following non-strategic investment transactions during 2023, all with intent to hold to maturity: 2023 1 Purchased for $427,057 a 7.0%, $420,000 Jaguar Corp. bond that matures in five years when the market interest rate was 6.6%. There was a $$125 transaction fee included in the above-noted payment amount. Interest is paid semiannually beginning June 30, 2023. Monkey Mortgage Inc. plans to hold this investment until maturity. 1 Bought 8,000 shares of Mule Corp., paying $34.50 per share. There was a $125 transaction fee included in the above-noted payment amount. May 7 Received dividends of $2.90 per share on the Mule Corp. shares. June 1 Paid $336,000 for 22,000 shares of Zebra common shares. There was a $$125 transaction fee included in the above-noted payment. June 30 Received interest on the Jaguar bond.. Jan. Mar. Aug. 1 Sold the Mule Corp. shares for $34.75 per share. Dec. 31 Received interest on the…

Required information Problem 15-2A (Algo) Recording, adjusting, and reporting available-for-sale debt securities LO P3 [The following information applies to the questions displayed below.] Mead Incorporated began operations in Year 1. Following is a series of transactions and events involving its long-term debt investments in available-for-sale securities. Year 1 January 20 Purchased Johnson & Johnson bonds for $24,000. February 9 Purchased Sony notes for $58,590. June 12 Purchased Mattel bonds for $44,000. December 31 Fair values for debt in the portfolio are Johnson & Johnson, $25,700; Sony, $48,450; and Mattel, $56,050. Year 2 April 15 Sold all of the Johnson & Johnson bonds for $27,000. July 5 Sold all of the Mattel bonds for $38,300. July 22 Purchased Sara Lee notes for $16,300. August 19 Purchased Kodak bonds for $17,750. December 31 Fair values for debt in the portfolio are Kodak, $18,550; Sara Lee, $15,500; and Sony, $63,000. Year 3 February 27 Purchased Microsoft bonds for…

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Please answer 20 on the basis of information in Problem 19

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Problem 12-1 (Algo) Securities held-to-maturity; bond investment; effective interest; financial statement effects [LO12-1, 12-2] Fuzzy Monkey Technologies, Incorporated purchased as a long-term investment $120 million of 6% bonds, dated January 1, on January 1, 2024. Management has the positive intent and ability to hold the bonds until maturity. For bonds of similar risk and maturity the market yield was 8%. The price paid for the bonds was $100 million. Interest is received semiannually on June 30 and December 31. Due to changing market conditions, the fair value of the bonds at December 31, 2024, was $110 million. Required: 1. to 3. Prepare the relevant journal entries on the respective dates (record the interest at the effective rate). 4. At what amount will Fuzzy Monkey report its investment in the December 31, 2024 balance sheet? 5. How would Fuzzy Monkey's 2024 statement of cash flows be affected by this investment? (if more than one approach is possible. indicate the one that…

Problem 12 - 1 (Algo) Securities held - to - maturity; bond investment; effective interest; financial statement effects [LO12-1, 12-2] Fuzzy Monkey Technologies, Incorporated purchased as a long-term investment S 200 million of 10% bonds, dated January 1, on January 1, 2024. Management has the positive intent and ability to hold the bonds until maturity. For bonds of similar risk and maturity the market yield was 12%. The price paid for the bonds was $178 million. Interest is received semiannually on June 30 and December 31. Due to changing market conditions, the fair value of the bonds at December 31, 2024, was $190 million. Required: 1. to 3. Prepare the relevant journal entries on the respective dates (record the interest at the effective rate). 4. At what amount will Fuzzy Monkey report its investment in the December 31, 2024 balance sheet? 5. How would Fuzzy Monkey's 2024 statement of cash flows be affected by this investment? (If more than one approach is possible, indicate the…

Problem 12-1 (Static) Securities held-to-maturity; bond investment; effective interest; financial statement effects [LO12-1, 12-2] Fuzzy Monkey Technologies, Incorporated purchased as a long-term investment $80 million of 8% bonds, dated January 1, on January 1, 2024. Management has the positive intent and ability to hold the bonds until maturity. For bonds of similar risk and maturity the market yield was 10%. The price paid for the bonds was $66 million. Interest is received semiannually on June 30 and December 31. Due to changing market conditions, the fair value of the bonds at December 31, 2024, was $70 million. Required: 1. to 3. Prepare the relevant journal entries on the respective dates (record the interest at the effective rate). 4. At what amount will Fuzzy Monkey report its investment in the December 31, 2024 balance sheet? 5. How would Fuzzy Monkey's 2024 statement of cash flows be affected by this investment? (If more than one approach is possible, indicate the one that…

АССТ 3113 Supplemental Homework 10 Chapter 12 Accounting for accrued interest on bonds In 2021 and 2022, Norman Company had the following transactions related to investments in bonds. 2021 Purchased $400,000 of 8% bonds issued by JS, Inc. at face value. Interest is payable semiannually on September 30 and March 31. Purchased $500,000 of 12% bonds issued by Okla Co. at face value. Interest is payable semiannually on November 30 and May 31. Received semiannual interest payment from JS, Inc. Received semiannual interest payment from Okla Co. Recorded any necessary adjusting entries relating to the investments. Apr. 1 June 1 Sept. 30 Nov. 30 Dec. 31 2022 Received semiannual interest payment from JS, Inc. Received semiannual interest payment from Okla Co. Received semiannual interest payment from JS, Inc. Received semiannual interest payment from Okla Co. Recorded any necessary adjusting entries relating to the investments. Mar 31 May 31 Sept. 30 Nov. 30 Dec. 31 Requirement 1: a. Record the…

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Please answer 7, 9,10,11. Thank you.

! Required information Problem 15-2A (Algo) Recording, adjusting, and reporting available-for-sale debt securities LO P3 [The following information applies to the questions displayed below.] Mead Incorporated began operations in Year 1. Following is a series of transactions and events involving its long-term debt investments in available-for-sale securities. Year 1 January 20 Purchased Johnson & Johnson bonds for $24,500. February 9 Purchased Sony notes for $59,040. June 12 Purchased Mattel bonds for $44,500. December 31 Fair values for debt in the portfolio are Johnson & Johnson, $26,300; Sony, $49,750; and Mattel, $54,550. Year 2 April 15 Sold all of the Johnson & Johnson bonds for $27,500. July 5 Sold all of the Mattel bonds for $38,650. July 22 Purchased Sara Lee notes for $16,700. August 19 Purchased Kodak bonds for $18, 100. December 31 Fair values for debt in the portfolio are Kodak, $18,725; Sara Lee, $16,000; and Sony, $62,000. Year 3 February 27 Purchased Microsoft bonds for…

Problem 12-3 (Algo) Securities available-for-sale; bond investment; effective interest; financial statement effects [LO12-1, 12-4] Fuzzy Monkey Technologies, Incorporated purchased as a long-term investment $60 million of 6% bonds, dated January 1, on Janua 1, 2024. Management intends to have the investment available for sale when circumstances warrant. For bonds of similar risk and maturity the market yield was 8%. The price paid for the bonds was $46 million. Interest is received semiannually on June 30 and December 31. Due to changing market conditions, the fair value of the bonds at December 31, 2024, was $50 million. Required: 1. to 3. Prepare the relevant journal entries on the respective dates (record the interest at the effective rate). 4-6. At what amount will Fuzzy Monkey report its investment in the December 31, 2024, balance sheet? 4-b. Prepare the entry necessary to achieve this reporting objective. 5. How would Fuzzy Monkey's 2024 statement of cash flows be affected by…

Problem 12-3 (Algo) Securities available-for-sale; bond investment; effective interest; financial statement effects [LO12-1, 12-4] Fuzzy Monkey Technologies, Incorporated purchased as a long-term investment $60 million of 6% bonds, dated January 1, on Janua 1, 2024. Management intends to have the investment available for sale when circumstances warrant. For bonds of similar risk and maturity the market yield was 8%. The price paid for the bonds was $46 million. Interest is received semiannually on June 30 and December 31. Due to changing market conditions, the fair value of the bonds at December 31, 2024, was $50 million. Required: 1. to 3. Prepare the relevant journal entries on the respective dates (record the interest at the effective rate). 4-6. At what amount will Fuzzy Monkey report its investment in the December 31, 2024, balance sheet? 4-b. Prepare the entry necessary to achieve this reporting objective. 5. How would Fuzzy Monkey's 2024 statement of cash flows be affected by…

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Question 4

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Knowledge Check 01 On December 31 Spearmint, Incorporated, issued $450,000 of 9 percent, 3-year bonds for cash of $461,795. After recording the related entry, Bonds Payable had a balance of $450,000 and Premium on Bonds Payable had a balance of $11,795. Spearmint uses the straight-line bond amortization method. The first semiannual interest payment was made on June 30 of the next year. Complete the necessary journal entry for June 30 by selecting the account names from the drop-down menus and entering the dollar amounts in the debit or credit columns.