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Questions
(i) ABCD Fund Ltd("Fund") has signed an agreement with Lottotech ("Company") on 02/15/2021 to invest an amount up to USD$5,000,000 over a period of time. The Fund reporting currency is in CAD$ and the reporting date is 12/31/2021. On 06/02/21 the Fund sent an amount of CAD$1,300,000 and a further amount of CAD$2,500,000 on 12/20/2021 to the Company. Assuming the FX rate for CAD/USD was 1.350 on 02/15/2021, 1.300 on 06/02/2021 and 1.250 on 12/20/2021, please provide all the accounting entries for the investments made during 2021 at the Fund level and mention the USD$ amount left for investment in the Company.
(ii) As at the reporting date the CAD/USD FX Rate is 1.450 and this is the only change in FV applicable for Lottotech at this date, please provide the journal entries for the change in FV of investment as at the reporting date.
Prepare the journal entry on December 31, 2019. To record any amortization, assume the straight-line method. Show the journal entry to record the sale of bonds
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Bill Diamond owns a business called Diamond Distributors. The following transactions took place during January of the current year. Journalize the transactions in a general journal using the periodic inventory method.
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On the twentieth day of the month, room sales at the Motor Lodge Motel exceeded its breakeven point for the month. Revenue generated by room sales during the remaining days of the month will: decrease in proportion to the additional room sales.
Hot Springs Marine borrowed $20 million cash on December 1, 2011, to provide working capital for year-end inventory. Hot Springs Marine issued a 4-month, 9% promissory note to Third Bank under a prearranged short-term line of credit. Prepare the jour..
Calculate the total gain that the two companies can achieve by entering into a swap between them and explain briefly why such swap transforms a fixed rate liabilities of ABC inc. in floating rate liabilities
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