(Answered) Question - aslan county purchased 3000000 of bonds as a

Accounting

Question - Aslan County purchased $3,000,000 of bonds as a General Fund investment on March 1, 20X7, for $3,060,000 plus four months accrued interest of $80,000. The bonds mature in four years and two months.

1. The county received the semiannual interest payment on the bonds ($120,000) on April 30, 20X7.

2. The county received the October 31 semiannual interest payment ($120,000).

3. On December 31, the end of Aslan's fiscal year, the fair value of its bond investment was $3,065,000 (excluding accrued interest).

Required -

(a) Record these transactions in the General Ledger accounts of the Aslan County General Fund.

(b) Compute the investment income that should be reported for this investment.

View complete question

Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M92849051
Price:- $25

Verified Expert

Priced at $50 Now at $25, Verified Solution

Have any Question?Write your Review or question?

Related Questions in Accounting Basics

Question - eastern manufacturing is involved with several

Question - Eastern Manufacturing is involved with several situations that possibly involve contingencies. Each is described below. Eastern's fiscal year ends December 31, and the 2018 financial statements are issued on M ...

Question - a husband and wife received 7200 of social

Question - A husband and wife received $7,200 of social security benefits What is the taxable amount if the husband and wife's provisional income is $33,000? What is the taxable amount if the husband and wife's provision ...

Part abackgroundsaturn petcare australia and new zealand

Part A Background: Saturn Petcare Australia and New Zealand is Australia's largest manufacturer of pet care products. Saturn have been part of the Australian and New Zealand pet care landscape since opening their first m ...

Question - at december 31 2016 grouper corporation reported

Question - At December 31, 2016, Grouper Corporation reported current assets of $384,870 and current liabilities of $206,100. The following items may have been recorded incorrectly. 1. Goods purchased costing $22,150 wer ...

Question - nutty co gourmet snacks currently sells their

Question - Nutty Co. Gourmet Snacks currently sells their Gourmet Deluxe Gift Basket for 53% each. Nutty Co. currently holds 2B percent of the market share for high-end gift baskets. The marketing manager believes that t ...

Question - a company hasnet income of 750000an average of

Question - A company has: Net income of $ 750,000 An average of 690,000 shares of common stock outstanding $50,000 of 6% convertible bonds outstanding that are convertible into a total of 10,000 shares No other potential ...

Question - jozy altidore invested 6000 at 5 annual interest

Question - Jozy Altidore invested $6,000 at 5% annual interest, and left the money invested without withdrawing any of the interest for 12 years. At the end of the 12 years, Jozy withdrew the accumulated amount of money. ...

Question reflect back on what you have learned in this

Question: Reflect back on what you have learned in this course about how to construct high-quality arguments for positions. Give an example of how the ability to think logically and to construct good arguments could help ...

Question - in recent years a number of companies have gone

Question - In recent years a number of companies have gone into liquidation (been ‘wound up') because they have not been able to meet their liabilities when they fell due. In Australia, there are some well-publicised exa ...

Question - ajax inc issued callable bonds with a par value

Question - Ajax, Inc., issued callable bonds with a par value of $1,000,000 that require the payment of a call premium of $10,000. The bonds have a carrying value of $990,000. We call these bonds prior to maturity on Sep ...

4,153,160 Questions Asked
13,132 Experts
2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Recent Questions

Ask Accounting Basics Expert