Reference no: EM133106906
Questions -
Q1) On January 1, 2020, Marigold Company acquires $320,000 of Spiderman Products, Inc., 8% bonds at a price of $296,540. Interest is received on January 1 of each year, and the bonds mature on January 1, 2023. The investment will provide Marigold Company a 11% yield. The bonds are classified as held-to-maturity.
a) Prepare a 3-year schedule of interest revenue and bond discount amortization, applying the straight-line method.
b) Prepare a 3-year schedule of interest revenue and bond discount amortization, applying the effective-interest method.
c) Prepare the journal entry for the interest revenue and discount amortization under the straight-line method at December 31, 2021.
d) Prepare the journal entry for the interest revenue and discount amortization under the effective-interest method at December 31, 2021.
Q2) Monty Corporation purchases equity securities costing $64,500. At December 31, the fair value of the portfolio is $55,300.
Prepare the adjusting entry to report the securities properly, assuming that the investments purchased represent less than a 5% interest in the other companies.
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