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- At December 31, 2020, the investments in the portfolio of the trading securities of Kennedy Company included the following.SecurityPurchaseDateOriginalPurchase PriceAtlanta Corp. bonds, 5%, $40,000Oct. 1, 2020$40,000Dallas Inc. bonds, 4%, $20,000Jul. 1, 202020,000e. Record the entry to sell the Atlanta Corp. bonds on January 2, 2021, for $45,000.Note: List multiple debits or credits (when applicable) in alphabetical order.f. Record the entry to sell the Dallas Inc. bonds on January 3, 2021, for $17,800.g. Adjust the Fair Value Adjustment account on December 31, 2021.Determine the investment related impact on net income in 2020 and 2021.On January 2,22 , Hoosier Company purchased $930,000 of 10% bonds at face value. The bond market value was $980,000 on December 31, 20Required: Prepare the appropriate journal entry on December 31, 2021, to properly value the bonds assuming the bonds are classified as:1. Trading securities.2. Securities available for sale.3. Held-to-maturity securities.Crane Company issued $740,000, 10-year, 5% bonds at 103. Suppose the remaining Premium on Bonds Payable was $13,320 on December 31, 2025. Show the balance sheet presentation on this date. CRANE COMPANYBalance Sheet (Partial)choose the accounting periodchoose the accounting period select an opening subsection nameselect an opening subsection name enter a balance sheet itementer a balance sheet item $enter a dollar amount enter a dollar amount select between addition and deductionselect between addition and deduction : enter a balance sheet itementer a balance sheet item enter a dollar amountenter a dollar amount $enter a total of the two previous amounts enter a total of the two previous amounts
- On Feb. 1, 2021, ABC purchased P2,000,000 face value bonds at 97 plus accrued interest. It was acquired for trading purposes and is accounted as FA‐FV‐PL The bonds mature on Sept. 1, 2023. Interest at 8% per annum is paid every Mar. 31 and Sept. 1. On Dec. 31, 2021, the bonds were selling at 96. Identify the following in good accounting form:A. Investment in Bonds as of acquisition B. Interest income for the year C. Unrealized Holding Gain/Loss through P/L for year 2021 D. Investment in Bonds as of Dec. 31, 2021Stoll Company's long-term available-for-sale portfolio at the start of this year consists of the following. Available-for-Sale Securities Cost Fair Value Company A bonds $ 534,100 $ 492,000 Company B notes 159,140 155,000 Company C bonds 662,400 642,140 Stoll enters into the following transactions involving its available-for-sale debt securities this year. January 29 Sold one-half of the Company B notes for $78,820. July 6 Purchased Company X bonds for $122,100. November 13 Purchased Company Z notes for $267,300. December 9 Sold all of the Company A bonds for $524,800. Fair values at December 31 are B, $82,300; C, $603,800; X, $120,000; and Z, $276,000. Problem 15-3A (Algo) Part 1 and 2 Required:1. Prepare journal entries to record these transactions, including the December 31 adjusting entry to record the fair value adjustment for the long-term investments in available-for-sale securities.2. Determine the amount Stoll reports on its December 31…Novi purchased ABC bonds on 1/1/22. Data regarding these available-for-sale securities follow: Cost MV December 31, 2022 $150,000 $130,000 December 31, 2023 150,000 161,000 December 31, 2024 150,000 155,000 On 1/1/25, Novi sold $40,000 (cost) of the securities for $40,100. Market Value of the remaining securities at 12/31/25 was $108,000. The balance of the Fair Value Adjustment account included on the 12/31/25 balance sheet is: a.$2,000 debit b.$2,000 credit c.$2,100 debit d.$1,900 credit e.$1,900 debit
- On Feb. 1, 2021, ABC purchased P2,000,000 face value bonds at 97plus accrued interest. It was acquired for trading purposes and isaccounted as FA‐FV‐PL The bonds mature on Sept. 1, 2023. Interestat 8% per annum is paid every Mar. 31 and Sept. 1. On Dec. 31,2021, the bonds were selling at 96. Identify the Investment in Bonds as of Dec. 31, 2021Stoll Company's long-term available-for-sale portfolio at the start of this year consists of the following. Available-for-Sale Securities Cost Fair Value Company A bonds $ 534,100 $ 492,000 Company B notes 159,140 155,000 Company C bonds 662,400 642,140 Stoll enters into the following transactions involving its available-for-sale debt securities this year. January 29 Sold one-half of the Company B notes for $78,820. July 6 Purchased Company X bonds for $122,100. November 13 Purchased Company Z notes for $267,300. December 9 Sold all of the Company A bonds for $524,800. Fair values at December 31 are B, $82,300; C, $603,800; X, $120,000; and Z, $276,000. Problem 15-3A (Algo) Part 3 3. What amount of gains or losses on transactions relating to long-term investments in available-for-sale debt securities does Stoll report on its income statement for this year?Use the following information on a company's investments in debt securities to answer the following question. The company's accounting year ends December 31. Investment Date of Acquisition 9/20/23 $38,000 Colt Compan y bonds Cost Fair Value Date Sold Selling 12/31/23 Price $37,000 2/10/24 $42,000 Dana Compan y bonds 10/2/23 14,000 14,200 1/17/24 13,000 If the above investments are categorized as available-for-sale securities, what is the net effect on 2024 other comprehensive income? Select one: a. $ 800 increase b. $0 c. $3,800 increase d. $ 800 decrease
- Saved He General Corporation purchased $938,000 of bonds with a coupon rate of 10% at face value on December 5, 2021. The market price of the bond was $984,000 on December 31, 2021. Required: Prepare the appropriate journal entry on December 31, 2021, to properly value the bonds assuming the bonds are classified as: (1f no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Ignore the journal entry for coupon payment and interest recognition. 1. Trading securities. 2. Securities available-for-sale. 3. Held-to-maturity securities. View transaction list Journal entry worksheet く 3 > Record the unrealized holding gain or loss for held-to-maturity securities. Note: Enter debits before credits. Transaction General Journal Debit Credit MacBook Pro 888 DII DD F3 FS F7 F10 F11 # 2$ & 2 3 4. 8 Q E R Y U S F つ K く C V command otion command エJournalize the entries to record the following selected bond investment transactions for Starks Products:a. Purchased for cash $120,000 of Iceline, Inc. 5% bonds at 100 plus accrued interest of $1,000.b. Received first semiannual interest payment.c. Sold $60,000 of the bonds at 101 plus accrued interest of $500.Required information [The following information applies to the questions displayed below.] Stoll Company's long-term available-for-sale portfolio at the start of this year consists of the following. Available-for-Sale Securities Company A bonds Fair Value $ 495,000 Company B notes Cost $530,500 159,080 663,000 Company C bonds 147,000 648,390 Stoll enters into the following transactions involving its available-for-sale debt securities this year. Sold one-half of the Company B notes for $78,170. Purchased Company X bonds for $127,000. January 29 July 6 November 13 Purchased Company Z notes for $267,500. December 9 Sold all of the Company A bonds for $517,400. Fair values at December 31 are B, $80,600; C, $600,800; X, $120,000; and Z, $279,000. Required: 1. Prepare journal entries to record these transactions, including the December 31 adjusting entry to record the fair value adjustment for the long-term investments in available-for-sale securities. 2. Determine the amount Stoll reports…
