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Journalize the entries to record these given transactions

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Reference no: EM131815135

Question - Fleet Inc. is an athletic footware company that began operations on January 1, 2012. The following transaction relate to debt investments acquired by Fleet Inc., which has a fiscal year ending on December 31:

2012

Mar. 1 Purchased $36,000 of Madison Co. 5% 10 - year bonds at face value plus accrued interest of $150. The bonds pay interest semiannually on February 1 and August 1.

Apr. 16 Purchased $45,000 of Westville 4%, 15 - year bonds at face value plus accrued interest of $75. The bonds pay interest semiannually on April 1 and October 1.

Aug. 1 Received semiannual interest on the Madison Co. bonds.

Sept. 1 Sold $12,000 of Madison Co. bonds at 98 plus accrued interest of $50.

Oct. 1 Received semiannual interest on Westville bonds.

Dec 31. Accrued $500 interest on Madison Co. bonds.

Dec 31. Accrued $450 interest on Westville bonds.

2013

Feb. 1 Received semiannual interest on the Madison Co. bonds.

Apr. 1. Received semiannual interest on the Westville bonds.

Instructions -

1) Journalize the entries to record these transactions.

2) If the bond portfolio was classified as available - for - sale, what impact would this have on financial statement disclosure?

Reference no: EM131815135

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