Following are the non-strategic investment transactions of Corona Inc.: 2023 1 Purchased for $91,145 an 8.58, 586,000 bond that matures in 20 years from llanna Corporation when the market interest rate was 7.98. There was a $50 transaction fee included in the above-noted payment amount. Interest is paid semiannually beginning June 30, 2023. The acquisition was made with intention to hold to maturity. June 30 Received interest on the lanna bond. July 1 Paid $126,633 for a Trust Inc. bond with a par value of $131,000 and a fifteen-years term. The band paya interest quarterly beginning September 30, 2023, at the annual rate of 8.38; the market interest rate on the date of purchase was 8.7%. There was a $50 transaction fee included in the above-soted payment amount. Sept. 30 Received interest on the Trust bond. Dec. 31 Received interest on the anns and Trust bonds. 31 The fair values of the bonds on this date equalled the fair values.

Following are the non-strategic investment transactions of Corona Inc.: 2023 1 Purchased for $91,145 an 8.58, 586,000 bond that matures in 20 years from llanna Corporation when the market interest rate was 7.98. There was a $50 transaction fee included in the above-noted payment amount. Interest is paid semiannually beginning June 30, 2023. The acquisition was made with intention to hold to maturity. June 30 Received interest on the lanna bond. July 1 Paid $126,633 for a Trust Inc. bond with a par value of $131,000 and a fifteen-years term. The band paya interest quarterly beginning September 30, 2023, at the annual rate of 8.38; the market interest rate on the date of purchase was 8.7%. There was a $50 transaction fee included in the above-soted payment amount. Sept. 30 Received interest on the Trust bond. Dec. 31 Received interest on the anns and Trust bonds. 31 The fair values of the bonds on this date equalled the fair values.

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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