Cardinal paz corp carries an account in its general ledger

Reference no: EM13587825

Cardinal Paz Corp. carries an account in its general ledger called Investments, which contained debits for investment purchases, and no credits, with the following descriptions.

Feb. 1, 2012 Sharapova Company common stock, $106 par, 212 shares $41,100
April 1 U.S. government bonds, 12%, due April 1, 2022, interest payable April 1 and October 1, 111 bonds of $1,000 par each 111,000
July 1 McGrath Company 12% bonds, par $53,000, dated March 1, 2012, purchased at 104 plus accrued interest, interest payable annually on March 1, due March 1, 2032 57,240

a) Prepare entries necessary to classify the amounts into proper accounts, assuming that all the securities are classified as available-for-sale

b) Prepare the entry to record the accrued interest and the amortization of premium on December 31, 2012, using the straight-line method

c)The fair values of the investments on December 31, 2012, were:

d) The U.S. government bonds were sold on July 1, 2013, for $119,920 plus accrued interest. Give the proper entry

Reference no: EM13587825

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