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Question 1-Alma's Company issued $400,000 face value of 18 percent, 20-year junk bonds on 2010 October 1. The bonds are dated 2010 October 1, call for semiannual interest payments on April 1 and October 1, and are issued to yield 16 percent (8 percent per period). a) Compute the amount received for the bonds. b) Prepare an amortization schedule. Enter data in the schedule for only the first two interest periods. Use the interest method and make all calculations to the nearest dollar. c) Prepare entries to record the issuance of the bonds, the first six months interest on the bonds, and the adjustment needed on June 30, 2011, assuming the company's fiscal year ends on that date. Question 2-Brook Company acquired 75 percent of the outstanding voting common stock of Casey Company for $1,444,800 cash on January 1, 2011. The investment is accounted for under the equity method. During 2011, 2012, and 2013, Casey Company reported the following: Year Net income/(loss) Dividends Paid 2011 $357,840 $290,640 2012 ($45,360) -0- 2013 $108,360 $72,240 1. Prepare general journal entries to record the investment and the effect of the subsidiary's income, losses, and dividends on Brook Company's accounts 2. Compute the balance in the investment account as of December 31, 2013.
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The Geranium Company paid dividends at the end of each year as follows: 20x0 $150,000, 20x1 $240,000, and 20x2 $560,000.
Provide one piece of documentation
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