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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F6a703dc1-c203-45b3-a859-e6781f25ebca%2F19564987-4dda-41bf-b41e-17caea352a85%2F3ypyrs_processed.jpeg&w=3840&q=75)
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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