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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…

Subject :- Accountion

owv21 Online teachin X signment/takeAssignmentMain.do?invoker &takeAssignmentSessionLocator-assignment-take&inprogress-false еBook Calculator Print Item Present Value of Bonds Payable; Premium Moss Co. issued $105,000 of five-year, 12 % bonds, with interest payable semiannually, at a market (effective) interest rate of 11%. Determine the present value of the bonds payable, using the present value tables in Exhibit 5 and Exhibit 7. Note: Round final answer to the nearest dollar. 6,300 oeqpaay Remember, the selling price of a bond is the sum of the present values of: the face amount of the bonds due at the maturity date interest to be paid on the bonds. The market rate of interest is used to compute the present value of both the face amount and the periodic interest. Pre Check imWork de Up

17 The company has outstanding bonds payable with a total face value of $100,000. On July 1, the company redeemed the bonds by purchasing them on the open market for a total of $102,700. Which ONE of the following would be reported at the time of the redemption of the bonds assuming that the bonds have an unamortized premium of $2,000? O Loss on Bond Redemption of $4,700 O Gain on Bond Redemption of $2,700 O Loss on Bond Redemption of $700 O Gain on Bond Redemption of $700 O Gain on Bond Redemption of $2,000 O Gain on Bond Redemption of $4,700 O Loss on Bond Redemption of $2,700 O Loss on Bond Redemption of $2,000

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! 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…

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Example 2) Fair value through profit or loss: Debt investment ABC Co. had the following transactions pertaining its trading investments: Feb. 1, 2021 Purchased $200,000 of 3-year, 6% bonds at 104. Interest is payable on each August 1 and February 1. Aug. 1, 2021 Received interest on the bonds. Dec. 31, 2021 The fair value of the bonds was 100. Instruction: Record the above transactions, using the fair value through profit or loss model. Also, prepare any required adjusting entry/entries at December 31, 2021. ABC Co. has a December 31 year-end.

What is the total amount of interest revenue that Redbud will recognize over the life of the bonds?

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Question six: On January 1, 2022, Kirmer Corp. purchased €450, 000 of 6% bonds, interest payable on January 1 and July 1, for €428,800 (a 7% effective interest rate). The bonds mature on January 1, 2028. Record amortization and interest revenue on the appropriate dates by the effective - interest method (round to the nearest dollar). (Assume bonds are non-trading.) Instructions (a) Prepare the entry for January 1, 2022. (b) The bonds are sold on October 1, 2022 for €427,000 plus accrued interest. Prepare all entries required to properly record the sale. Solution

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KNG 202 On its December 31, 2020 balance sheet, Calhoun Company appropriately reported a $10,000 composition of Calhoun's portfolio of debt investments held as available-for-sale debt securities. debit balance in its Fair Value Adjustment account. There was no change during 2021 in the The following information pertains to that portfollo: Security X Y N Cost $130,000 100,000 175,000 $405.000 Fair value at 12/31/21 $160,000 90,000 125,000 $375,000 The amount of unrealized loss to appear as a component of comprehensive income for the year ending December 31, 2021 is a. $40,000. b. $30,000. c. $20,000, d. $0. Bella Pool Company sells prefabricated pools that cost $80,000 to customers for $144,000. The sales price includes an installation fee, which is valued at $20,000. The fair value of the pool is $128,000. The installation is considered a separate performance obligation and is expected to take 3 months to complete. The transaction price allocated to the pool and the installation is a.…

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Current Attempt in Progress Ivanhoe Corporation issued $372,000 of 10-year bonds at a discount. Prior to maturity, when the bonds' carrying amount was $362,700, the company redeemed the bonds at 97. Prepare the entry to record the redemption of the bonds. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles Debit Credit eTextbook and Media List of Accounts Save for Later Attempts: 0 of 3 used Submit Answer

Subject :- Accounting

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