Monkey Mortgage Inc. engaged in the following non-strategic investment transactions during 2023, all with intent to hold to maturity: 2023 Jan. 1 Purchased for $414, 441 a 9.5%, $408,000 Jaguar Corp. bond that matures in five years when the market interest rate was 9.1%. There was a $$60 transaction fee included in the above-noted payment amount. Interest is paid semiannually beginning June 30, 2023. Monkey Mortgage Inc. plans to hold this investment until maturity. Mar. 1 Bought 6,700 shares of Mule Corp., paying $33.20 per share. There was a $60 transaction fee included in the above-noted payment amount. May 7 Received dividends of $1.60 per share on the Mule Corp. shares. June 1 Paid $323,000 for 21,350 shares of Zebra common shares. There was a $$60 transaction fee included in the above-noted payment. June 30 Received interest on the Jaguar bond. Aug. 1 Sold the Mule Corp. shares for $33.45 per share. Dec. 31 Received interest on the Jaguar bond. Dec. 31 The fair value of the Zebra shares on this date was $15.00 per share. Assume the fair value of the bonds equalled the carrying value. 2024 Jan. 14 Sold the Zebra shares for $ 14.80. Required: 1. Prepare an amortization schedule for the Jaguar bond showing only 2023 and 2024. (Enter all the amounts as positive values. Do not round intermediate calculation. Round your final answers to the nearest whole dollar amount.) Required: Prepare an amortization schedule for the Jaguar bond showing only 2023 and 2024. (Enter all the amounts as positive values. Do not round intermediate calculation. Round your final answers to the nearest whole dollar amount.)Prepare the entries to record the transactions described above. (Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount.) 2. Prepare the entries to record the transactions described above. (Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount.) 3. Show how the investments would be reported on Monkey's December 31, 2023, balance sheet. (Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount.)
Monkey Mortgage Inc. engaged in the following non-strategic investment transactions during 2023, all with intent to hold to maturity: 2023 Jan. 1 Purchased for $414, 441 a 9.5%, $408,000 Jaguar Corp. bond that matures in five years when the market interest rate was 9.1%. There was a $$60 transaction fee included in the above-noted payment amount. Interest is paid semiannually beginning June 30, 2023. Monkey Mortgage Inc. plans to hold this investment until maturity. Mar. 1 Bought 6,700 shares of Mule Corp., paying $33.20 per share. There was a $60 transaction fee included in the above-noted payment amount. May 7 Received dividends of $1.60 per share on the Mule Corp. shares. June 1 Paid $323,000 for 21,350 shares of Zebra common shares. There was a $$60 transaction fee included in the above-noted payment. June 30 Received interest on the Jaguar bond. Aug. 1 Sold the Mule Corp. shares for $33.45 per share. Dec. 31 Received interest on the Jaguar bond. Dec. 31 The fair value of the Zebra shares on this date was $15.00 per share. Assume the fair value of the bonds equalled the carrying value. 2024 Jan. 14 Sold the Zebra shares for $ 14.80. Required: 1. Prepare an amortization schedule for the Jaguar bond showing only 2023 and 2024. (Enter all the amounts as positive values. Do not round intermediate calculation. Round your final answers to the nearest whole dollar amount.) Required: Prepare an amortization schedule for the Jaguar bond showing only 2023 and 2024. (Enter all the amounts as positive values. Do not round intermediate calculation. Round your final answers to the nearest whole dollar amount.)Prepare the entries to record the transactions described above. (Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount.) 2. Prepare the entries to record the transactions described above. (Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount.) 3. Show how the investments would be reported on Monkey's December 31, 2023, balance sheet. (Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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