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
Related questions
Question
Do not give answer in image

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.
Expert Solution

This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps

Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.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