The following investment account was taken from the general ledger of One Dream Investment Company: Debt Investments Fulfilled Dream 6% bonds (2,000,000 face value, due December 31, 2027) Date PR Debit Credit Balance January 2, 2022 VR P1,812,300 P1,812,300 June 30, 2022 CRJ 60,000 1,752,300 Dec. 31, CRJ 60,000 1,692,300 2022 Dec. 31, 2022 195,000 1,497,300 In the course of your examination, you obtained the following information: . Interest checks were received on June 30 and December 31 and were credited to the investment account. • One dream sold P200,000 of its investment on December 31, 2022 for P195,000. • Effective interest rate on this investment, as computed by your audit staff, is 8%. • One Dream included this investment in a portfolio that is held to collect and for sale. The fair value at December 31, 2022 and 2023 is 97.5 and 105, respectively.

The following investment account was taken from the general ledger of One Dream Investment Company: Debt Investments Fulfilled Dream 6% bonds (2,000,000 face value, due December 31, 2027) Date PR Debit Credit Balance January 2, 2022 VR P1,812,300 P1,812,300 June 30, 2022 CRJ 60,000 1,752,300 Dec. 31, CRJ 60,000 1,692,300 2022 Dec. 31, 2022 195,000 1,497,300 In the course of your examination, you obtained the following information: . Interest checks were received on June 30 and December 31 and were credited to the investment account. • One dream sold P200,000 of its investment on December 31, 2022 for P195,000. • Effective interest rate on this investment, as computed by your audit staff, is 8%. • One Dream included this investment in a portfolio that is held to collect and for sale. The fair value at December 31, 2022 and 2023 is 97.5 and 105, respectively.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Why certain long-lived assets are depreciated (amortized)?
How can capital gains and losses be offset against each other?
5) What is the difference of recurring income and non recurring income?(short answer)
2. Why are investments shown as a current asset?
Explain Real Estate Performance and Inflation?
Under normal circumstances, will the carrying value of a long-term asset be equal to its market value?
Is Property Dividends qualify as Revenue?
How much is capital at the start of the year?
Question 16 The undepreciated capital cost (UCcC) is equal to O a, the book value of an asset for the purpose of taxation under the CCA system. O b, the market value of an asset. O , the salvage value of an asset. O d, the scrap value of an asset.
need help answering part D on total assets for 2022
How does investing in income property works? Is it worth it?