Required: 1. Prepare an amortization schedule for the Jagd showing only 2020 and 2021. (Enter all the amounts as positive va not round intermediate alculation Round yo answers to the nearest whole dollar amou Period Ending Jan: 1/20 June 30/20 Dec. 31/20 June 30/21 Dec. 31/21 Cash Interest Period interest Received Income $ View transaction list 15,113 S 15,113 15,113 15,113 14,544 $ 14,524 14,503 14,481 Journal entry worksheet Note: Enter debits before credits. Date Jan 01, 2020 Premium Amort. 5 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.) 569 589 610 632 6 General Journar Unamortized Premium $ 8 Record the purchase of a 5-year, 7.5%, $403,000 bond to be held as a investment. 6,686 $ 6,117 5,528 4,918 4,286 9 Carrying Value Debit 409,686 409,117 408,528 407.918 407,286 Credit ● ● 3. Show how the investments would be reported on Monkey's December 31, 2020, balance sheet. (Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount.)
Required: 1. Prepare an amortization schedule for the Jagd showing only 2020 and 2021. (Enter all the amounts as positive va not round intermediate alculation Round yo answers to the nearest whole dollar amou Period Ending Jan: 1/20 June 30/20 Dec. 31/20 June 30/21 Dec. 31/21 Cash Interest Period interest Received Income $ View transaction list 15,113 S 15,113 15,113 15,113 14,544 $ 14,524 14,503 14,481 Journal entry worksheet Note: Enter debits before credits. Date Jan 01, 2020 Premium Amort. 5 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.) 569 589 610 632 6 General Journar Unamortized Premium $ 8 Record the purchase of a 5-year, 7.5%, $403,000 bond to be held as a investment. 6,686 $ 6,117 5,528 4,918 4,286 9 Carrying Value Debit 409,686 409,117 408,528 407.918 407,286 Credit ● ● 3. Show how the investments would be reported on Monkey's December 31, 2020, 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
Related questions
Question
Transcribed Image Text:Monkey Mortgage Inc. engaged in the following non-strategic investment transactions during 2020
2020
Jan. 1 Purchased for $409,686 a 7.5%, $403,000 Jaguar Corp. bond that matures in five years when the market interest rate was
7.1%. Interest is paid semiannually beginning June 30, 2017. Monkey Mortgage Inc. plans to hold this investment until
maturity.
Mar. 1 Bought 6,300 shares of Mule Corp., paying $32.80 per share.
May
7 Received dividends of $1.20 per share on the Mule Corp. shares.
June 1 Paid $319,000 for 21,150 shares of Zebra common shares.
June 30 Received interest on the Jaguar bond.
Aug. 1 Sold the Mule Corp. shares for $33.05 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.
2021
Jan. 14 Sold the Zebra shares for $14.80.
Required:
1. Prepare an amortization schedule for the Jagd showing only 2020 and 2021. (Enter all the amounts as positive va
not found interme
answers to the nearest whole toller amou
leviations Round you
Period Ending
Jan: 1/20
June 30/20
Dec. 31/20
June 30/21
Dec 31/21
Cash Interest
Received
$
View transaction list
Journal entry worksheet
Date
Jan 01, 2020
Assets
Investments
Period Interest
Income
15,113 $
15,113
15,113
15,113
2
Note: Enter debits before credits.
Current Assets:
14,544 $
14,524
14,503
14,481
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.)
Premium
Amort
5
Non Current investments
General Journar
569
589
6
Record the purchase of a 5-year, 7.5%, $403,000 bond to be held as a
investment.
MONKEY MORTGAGE INC.
Partial Balance Sheet
December 31, 2020
610
632
Unamortized
Premium
$
7 8
6,686 $
6,117
5,528
4,918
4,286
9
Carrying Value
3. Show how the investments would be reported on Monkey's December 31, 2020, balance sheet. (Do not round intermediate
calculations. Round your final answers to the nearest whole dollar amount.)
Debit
409,686
409,117
408,528
407.918
407,286
Credit
●
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