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Presentation/PPT
27/08/2022
P17-3 (Available-for-Sale Investments)Cardinal Paz 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, 2010 Sharapova Company common stock, $100 par, 200 shares $37,400 April 1 U.S. government bonds, 11%, due April 1, 2020, interest payable April 1 and October 1, 110 bonds of $1,000 par each 110,000 July 1 McGrath Company 12% bonds, par $50,000, dated March 1, 2010 purchased at 104 plus accrued interest, interest payable annually on March 1, due March 1, 2030 54,000 Prepare entries necessary to classify the amounts into proper accounts, assuming that all the securities are classified as available-for-sale. (List multiple debit/credit entries from largest to smallest amount, e.g. 10, 5, 2.)Description/Account Debit Credit Prepare the entry to record the accrued interest and the amortization of premium on December 31, 2010, using the straight-line method. (List multiple debit/credit entries from largest to smallest amount, e.g. 10, 5, 2. Round computations to 3 decimal places, e.g. 12.252 and the final answers to zero decimal places, e.g. 12,510.)Description/Account Debit Credit The fair values of the securities on December 31, 2010, were: Sharapova Company common stock $31,800 U.S. government bonds 124,700 McGrath Company bonds 58,600 What entry or entries, if any, would you recommend be made? Description/Account Debit Credit The U.S. government bonds were sold on July 1,2011, for $119,200 plus accrued interest. Give the proper entry. (List multiple debit/credit entries from largest to smallest amount, e.g. 10, 5, 2.)Description/Account Debit Credit P17-3 (Available-for-Sale Investments)Cardinal Paz 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, 2010 Sharapova Company common stock, $100 par, 200 shares $37,400 April 1 U.S. government bonds, 11%, due April 1, 2020, interest payable April 1 and October 1, 110 bonds of $1,000 par each 110,000 July 1 McGrath Company 12% bonds, par $50,000, dated March 1, 2010 purchased at 104 plus accrued interest, interest payable annually on March 1, due March 1, 2030 54,000 Prepare entries necessary to classify the amounts into proper accounts, assuming that all the securities are classified as available-for-sale. (List multiple debit/credit entries from largest to smallest amount, e.g. 10, 5, 2.)Description/Account Debit Credit Prepare the entry to record the accrued interest and the amortization of premium on December 31, 2010, using the straight-line method. (List multiple debit/credit entries from largest to smallest amount, e.g. 10, 5, 2. Round computations to 3 decimal places, e.g. 12.252 and the final answers to zero decimal places, e.g. 12,510.)Description/Account Debit Credit The fair values of the securities on December 31, 2010, were: Sharapova Company common stock $31,800 U.S. government bonds 124,700 McGrath Company bonds 58,600 What entry or entries, if any, would you recommend be made? Description/Account Debit Credit The U.S. government bonds were sold on July 1,2011, for $119,200 plus accrued interest. Give the proper entry. (List multiple debit/credit entries from largest to smallest amount, e.g. 10, 5, 2.)Description/Account Debit Credit
Solution: (a) AvailableforSale Securities………………………………………………………………………… 189,400* Interest Revenue ($50,000 X .12 X…
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