Reference no: EM132869860
Question - On June 1, 2014, Rio Corporation purchased as a long term investment 4,000 of the 1,000 face value, 8% bonds of Tokyo Corporation. Rio Corporation has the positive intention and ability to hold these bonds to maturity. The bonds were purchased to yield 10% interest. Interest is payable semi-annually on December 1 and June 1. The bonds mature on June 1, 2020. On November 1, 2015, Rio Corporation sold the bonds for a total consideration of 3,925,000.
Required - Based on the above and the result of your audit, determine the following: (Round off present value factors to four decimal places)
Determine the purchase price of the bonds on June 1, 2014?
Determine the interest income for the year 2004?
Determine the carrying value of the investment in bonds as of December 31, 2004?
Determine the interest income for the year 2005?
Determine the gain on sale of investment in bonds on November 1, 2005?
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