During Y2, Aylmer Inc. purchased the following investments for cash but incorrectly recorded them as "Other Investments" on the balance sheet. Aylmer follows IFRS. January 1, Y2 Purchased 23,000 of 100,000 shares outstanding of London Inc. Belmont Limited, 10,000 common shares Lyons Inc, 5% bonds $100,000 bonds Interest is paid April 30 and October 31 September 1, Y2 Calton Corp, 7% bonds, par value $150,000 dated $ 151,750 June 30. Purchased at par plus accrued interest payable. Interest is paid annually on June 30 March 31, Y2 April 30, Y2 REQUIRED 2 Prepare the entry to accrued interest income at December 31. 3 Prepare necessary revluation entries given the following fair values: Belmont Limited Lyons Inc. Calton Corp. $ 1 Prepare the entry to correct the above amounts from "Other Investments" to the appropriate accounts assuming that the common shares are classified as FV-NI, the investment in London represents significant influence and the bonds are classified as FV-OCI. SSS $ $ $ 253,083 115,312 148,600 $ $ 162,696 227,775 100,000

During Y2, Aylmer Inc. purchased the following investments for cash but incorrectly recorded them as "Other Investments" on the balance sheet. Aylmer follows IFRS. January 1, Y2 Purchased 23,000 of 100,000 shares outstanding of London Inc. Belmont Limited, 10,000 common shares Lyons Inc, 5% bonds $100,000 bonds Interest is paid April 30 and October 31 September 1, Y2 Calton Corp, 7% bonds, par value $150,000 dated $ 151,750 June 30. Purchased at par plus accrued interest payable. Interest is paid annually on June 30 March 31, Y2 April 30, Y2 REQUIRED 2 Prepare the entry to accrued interest income at December 31. 3 Prepare necessary revluation entries given the following fair values: Belmont Limited Lyons Inc. Calton Corp. $ 1 Prepare the entry to correct the above amounts from "Other Investments" to the appropriate accounts assuming that the common shares are classified as FV-NI, the investment in London represents significant influence and the bonds are classified as FV-OCI. SSS $ $ $ 253,083 115,312 148,600 $ $ 162,696 227,775 100,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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