The following Richetti Corporation transactions are for bonds that were purchased as a trading investment for the year ended December 31, 2021: Feb. Aug pt in Progress 1 Purchased $212,000 of Leslye Corporation 3% bonds at 104 ( this means 104% of maturity value). Interest is received semi-annually on August 1 and February 1. The bonds mature on February 1, 2023. 1 2 Dec. 31 31 Received interest on Leslye bonds. Sold $84,800 of the Leslye bonds at 101. Accrued interest on the remaining bonds. The fair value of the remaining bonds was 100 on this date.
The following Richetti Corporation transactions are for bonds that were purchased as a trading investment for the year ended December 31, 2021: Feb. Aug pt in Progress 1 Purchased $212,000 of Leslye Corporation 3% bonds at 104 ( this means 104% of maturity value). Interest is received semi-annually on August 1 and February 1. The bonds mature on February 1, 2023. 1 2 Dec. 31 31 Received interest on Leslye bonds. Sold $84,800 of the Leslye bonds at 101. Accrued interest on the remaining bonds. The fair value of the remaining bonds was 100 on this date.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Current Attempt in Progress
The following Richetti Corporation transactions are for bonds that were purchased as a trading investment for the year ended
December 31, 2021:
Feb. 1 Purchased $212,000 of Leslye Corporation 3% bonds at 104 (this means 104% of maturity value).
Interest is received semi-annually on August 1 and February 1. The bonds mature on February 1, 2023.
Received interest on Leslye bonds.
Sold $84,800 of the Leslye bonds at 101.
Accrued interest on the remaining bonds.
The fair value of the remaining bonds was 100 on this date.
Aug
1
2
Dec. 31
31
Transcribed Image Text:(b)
Your answer is partially correct.
Show how the investments would be presented on the statement of financial position at December 31, 2021. (Round answers to 0
decimal places, e.g. 5,250.)
Current Assets
Interest Income
Trading Investments
RICHETTI CORPORATION
Statement of Financial Position (Partial)
For the Year Ended December 31, 2021
4,770
5,088
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