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Required information APA-2 (Algo) Recording Passive Investments LO A-1 [The following information applies to the questions displayed below.] On October 1, 20X1, Hill-Nielsen purchased at par $170,500, 4 percent, bonds of Community Communications Company. The bonds pay interest quarterly on March 31, June 30, September 30, and December 31. Hill-Nielson Corporation's year ends on December 31. The following information applies to the fair value of Community Communications' bonds: Bond Price $173,400 168,300 165,200 Hill-Nielson sold the bonds on March 17, 20X4, for $164,050. 12/31/20x1 12/11/2002 12/31/20x3 APA-2 Part 2 2. Assuming that Hill-Nielson purchased the bonds as trading securities, prepare journal entries at the end of each year and on the date of sale. Ignore interest.

Required information APA-2 (Algo) Recording Passive Investments LO A-1 [The following information applies to the questions displayed below.] On October 1, 20X1, Hill-Nielsen purchased at par $170,500, 4 percent, bonds of Community Communications Company. The bonds pay interest quarterly on March 31, June 30, September 30, and December 31. Hill-Nielson Corporation's year ends on December 31. The following information applies to the fair value of Community Communications' bonds: Bond Price $173,400 168,300 165,200 Hill-Nielson sold the bonds on March 17, 20X4, for $164,050. 12/31/20x1 12/11/2002 12/31/20x3 APA-2 Part 2 2. Assuming that Hill-Nielson purchased the bonds as trading securities, prepare journal entries at the end of each year and on the date of sale. Ignore interest.

FINANCIAL ACCOUNTING
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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PA-2 Part 2 Assuming that Hill-Nielson purchased the bonds as trading securities, prepare journal entries at the end of each year and on the te of sale. Ignore interest. ote: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list View journal entry worksheet No 1 3 Date December 31, 20x1 Investments Unrealized gain December 31, 20x3 Investments General Journal ↓ Debit Credit
Transcribed Image Text:PA-2 Part 2 Assuming that Hill-Nielson purchased the bonds as trading securities, prepare journal entries at the end of each year and on the te of sale. Ignore interest. ote: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list View journal entry worksheet No 1 3 Date December 31, 20x1 Investments Unrealized gain December 31, 20x3 Investments General Journal ↓ Debit Credit
Required information APA-2 (Algo) Recording Passive Investments LO A-1 [The following information applies to the questions displayed below.] On October 1, 20X1, Hill-Nielsen purchased at par $170,500, 4 percent, bonds of Community Communications Company. The bonds pay interest quarterly on March 31, June 30, September 30, and December 31. Hill-Nielson Corporation's year ends on December 31. The following information applies to the fair value of Community Communications' bonds: 12/31/20X1 12/11/20x2 12/31/20X3 Bond Price $173,400 168,300 165,200 Hill-Nielson sold the bonds on March 17, 20X4, for $164,050. APA-2 Part 2 2. Assuming that Hill-Nielson purchased the bonds as trading securities, prepare journal entries at the end of each year and on the date of sale. Ignore interest. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.
Transcribed Image Text:Required information APA-2 (Algo) Recording Passive Investments LO A-1 [The following information applies to the questions displayed below.] On October 1, 20X1, Hill-Nielsen purchased at par $170,500, 4 percent, bonds of Community Communications Company. The bonds pay interest quarterly on March 31, June 30, September 30, and December 31. Hill-Nielson Corporation's year ends on December 31. The following information applies to the fair value of Community Communications' bonds: 12/31/20X1 12/11/20x2 12/31/20X3 Bond Price $173,400 168,300 165,200 Hill-Nielson sold the bonds on March 17, 20X4, for $164,050. APA-2 Part 2 2. Assuming that Hill-Nielson purchased the bonds as trading securities, prepare journal entries at the end of each year and on the date of sale. Ignore interest. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.
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