Live Large Inc. had the following transactions Involving non-strategic Investments during 2023. 2023 Apr. 1 Paid $120,050 to buy a 90-day term deposit, $120,000 principal amount, 5.0 %, dated April 1. There was a $50 transaction fee included in the above-noted payment amount. 12 Purchased 5,000 common shares of Blue Balloon Ltd. at $22.75. There was a $50 transaction fee included in the above-noted payment amount. June 9 Purchased 3,800 common shares of Purple Car Corp. at $49.50. There was a $50 transaction fee included in the above-noted payment amount. 20 Purchased 1,700 common shares of Yellow Tech Ltd. at $16.25. There was a $50 transaction fee included in the above-noted payment amount. July 1 Purchased for $88,155 a 7.0%, $85,000 Space Explore Inc. bond that matures in eight years when the market interest rate was 6.4%. There was a $50 transaction fee included in the above-noted payment amount. Interest is paid semiannually beginning December 31, 2023. Live Large Inc. plans to hold this investment until maturity. 3 Received a cheque for the principal and accrued interest on the term deposit that matured on June 30. 15 Received a $0.95 per share cash dividend on the Blue Balloon Ltd. common shares. 28 Sold 2,500 of the Blue Balloon Ltd. common shares at $26.50. Sept. 1 Received a $2.10 per share cash dividend on the Purple Car Corp. common shares. Dec. 15 Received a $1.45 per share cash dividend on the remaining Blue Balloon Ltd. common shares owned.. 2024 31 Received the interest on the Space Explore Inc. bond. 31 The fair values of Live Large Inc.'s investments on this date were Blue Balloon shares, $26.60; Purple Car Corp. shares, $44.35; Yellow Tech shares, $21.05. Assume the fair value and the carrying value of the Space Explore bond were equal. Feb. 16 Sold the remaining Blue Balloon shares at $27.25. Required: 1. Prepare an amortization schedule for the Space Explore bond showing only 2023 and 2024. (Round your Intermediate and final answers to the nearest whole dollar amount. Enter all the amounts as positive values. Use 365 days In a year.) Cash Interest Received Period Interest Income Premium Unamortized Amort. Premium Carrying Value July 1/23 Dec. 31/23 June 30/24 Dec. 31/24
Live Large Inc. had the following transactions Involving non-strategic Investments during 2023. 2023 Apr. 1 Paid $120,050 to buy a 90-day term deposit, $120,000 principal amount, 5.0 %, dated April 1. There was a $50 transaction fee included in the above-noted payment amount. 12 Purchased 5,000 common shares of Blue Balloon Ltd. at $22.75. There was a $50 transaction fee included in the above-noted payment amount. June 9 Purchased 3,800 common shares of Purple Car Corp. at $49.50. There was a $50 transaction fee included in the above-noted payment amount. 20 Purchased 1,700 common shares of Yellow Tech Ltd. at $16.25. There was a $50 transaction fee included in the above-noted payment amount. July 1 Purchased for $88,155 a 7.0%, $85,000 Space Explore Inc. bond that matures in eight years when the market interest rate was 6.4%. There was a $50 transaction fee included in the above-noted payment amount. Interest is paid semiannually beginning December 31, 2023. Live Large Inc. plans to hold this investment until maturity. 3 Received a cheque for the principal and accrued interest on the term deposit that matured on June 30. 15 Received a $0.95 per share cash dividend on the Blue Balloon Ltd. common shares. 28 Sold 2,500 of the Blue Balloon Ltd. common shares at $26.50. Sept. 1 Received a $2.10 per share cash dividend on the Purple Car Corp. common shares. Dec. 15 Received a $1.45 per share cash dividend on the remaining Blue Balloon Ltd. common shares owned.. 2024 31 Received the interest on the Space Explore Inc. bond. 31 The fair values of Live Large Inc.'s investments on this date were Blue Balloon shares, $26.60; Purple Car Corp. shares, $44.35; Yellow Tech shares, $21.05. Assume the fair value and the carrying value of the Space Explore bond were equal. Feb. 16 Sold the remaining Blue Balloon shares at $27.25. Required: 1. Prepare an amortization schedule for the Space Explore bond showing only 2023 and 2024. (Round your Intermediate and final answers to the nearest whole dollar amount. Enter all the amounts as positive values. Use 365 days In a year.) Cash Interest Received Period Interest Income Premium Unamortized Amort. Premium Carrying Value July 1/23 Dec. 31/23 June 30/24 Dec. 31/24
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
U
AI-Generated Solution
AI-generated content may present inaccurate or offensive content that does not represent bartleby’s views.
Unlock instant AI solutions
Tap the button
to generate a solution
Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education