Reference no: EM131812644
Pina Corp. carries an account in its general ledger called Investments, which contained debits for investment purchases, and no credits, with the following descriptions.
Feb. 1, 2017 |
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Sharapova Company common stock, $120 par, 240 shares |
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$40,800 |
April 1 |
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U.S. government bonds, 12%, due April 1, 2027, interest payable April 1 and October 1, 96 bonds of $1,000 par each |
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96,000 |
July 1 |
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McGrath Company 12% bonds, par $50,100, dated March 1, 2017, purchased at 104 plus accrued interest, interest payable annually on March 1, due March 1, 2037
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54,108 |
A. Prepare entries necessary to classify the amounts into proper accounts, assuming that all the securities are classified as available-for-sale.
B. Prepare the entry to record the accrued interest and the amortizatin of premium on December 31, 2017, using the straight-line method.
C. The fair values of the investments on December 31, 2017, were:
Sharapova Company common stock |
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$29,300 |
U.S. government bonds |
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136,500 |
McGrath Company bonds |
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54,900 |
What entry, if any, would you recommend be made?
D. The U.S. government bonds were sold on July 1, 2018, for $115,300 plus accrued interest. Give the proper entry.
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