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Cardinal Paz Corporation carries an account in its general ledger called Investments that contained debits for investment purchases and no credits, with the given explanations.

Feb. 1, 2012 Sharapova Company common stock, $109 par, 218 shares $43,700

April 1 U.S. government bonds, 12%, due April 1, 2022, interest payable April 1 and October 1, 113 bonds of $1,000 par each 113,000 July 1 McGrath Company 12% bonds, par $54,800, dated March 1, 2012, purchased at 104 plus accrued interest, interest payable annually on March 1, due March 1, 2032 59,184

a) Make entries essential to categorize the amounts into proper accounts, supposing that all the securities are categorized as available-for-sale.

b) Make the entry to record the accrued interest and the amortization of premium on December 31, 2012, by using the straight-line process.

c) The fair values of the investments on December 31, 2012, were:

d) The U.S. government bonds were sold on July 1, 2013, for $119,820 plus accrued interest.

prepare down the proper entry.

Basic Finance, Finance

  • Category:- Basic Finance
  • Reference No.:- M915901

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