Journalize the entries to record the foregoing transactions

Assignment Help Accounting Basics

Reference no: EM13258310

The following selected transactions relate to certain securities acquired by wildflower Blueprints Inc. whose fiscal year ends on Dec. 31:

2007 - Sept 1 Purchased $600.000 of Wilson Company 20-year, 10% bonds dated July 1, 2007, directly from the issuing company, for $578,580 plus accrued interest of $10,000.

Dec. 31. Received the semiannual interest on the Wilson Company Bonds.

31. Recorded bond discount amortization of $360 on the Wilson Company bonds. The amotization amount was determined by using the straight-line method.

(Assume that all intervening transactions and adjustments have been properly recorded and that the number of bonds owned has not changed from December 31, 2007, to Deember 31, 2011.)

2012

June 30. Received the semiannual interest on the Wilson Company bonds.

Oct 31. Sold one-half of the Wilson company bonds at 97 plus accrued interest. The broker deducted $400 from Commision, etc., remitting the balance. Prior to the sale, $40 of discount of one-half of the bonds was amortized, reducing the carrying amount of those bonds tp 292,080.

Dec. 31. Received the semiannual interest on the Wilson company bonds.

31. Recorded bond discount amotization of $540 on the Wilson Company bonds.

Journalize the entries to record the foregoing transactions.

Reference no: EM13258310

Questions Cloud

Discretionary and non-discretionary cost : What is the difference between discretionary and non-discretionary cost?

What is the angular frequency of rotation : A conducting wire formed in the shape of a right triangle with base b = 38 cm and height h = 63 cm, What is the angular frequency of rotation

Results in a concentrated product : An alcohol solution contains 6% ethanol by mass. This solution is fed to a distillation process which results in a concentrated product (90% ethanol by mass) and an "ethanol free" product (0.005% ethanol by mass).

What is the greatest fear : What do you look forward to as you begin this educational experience and your personal search for purpose? what is your greatest fear? how can you overcome it?

Journalize the entries to record the foregoing transactions : The following selected transactions relate to certain securities acquired by wildflower Blueprints Inc. Journalize the entries to record the foregoing transactions.

Annual dollar advantage or disadvantage : Prepare an analysis showing the annual dollar advantage or disadvantage of accepting the outside supplier's offer.

Why designer often use signal conditioning amplifier circuit : What are two types of variables that can be used for values that exceed 256, and describe what is the difference between the variables, how to declare them and the memory allocated, and the numerical range for both.

Nutritional education community resources : What would be the three most important points to include in a public nutrition program that is directed toward the 21st century? Provide current literature to support your answer and include two nutritional education community resources.

Define circuit that is needed to use full-scale range of adc : A transducer produces a sinusoidal waveform with an amplitude of 2.5 VPK and a DC offset of 0 VDC. The ADC input signal range is 0 V to 5 V. Describe the signal conditioning circuit that is needed to use the full-scale range of the ADC.

User Account

All Pages