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Problem 19-3 (IAA) Bullish Company had the following transactions in bond investment held as trading for the current year. Mar. 1 Purchased 2,000, P1,000, 12% bonds of Long Company at 93 excluding accrued interest. Interest is payable on February 1 and August 1. Apr. 1 ar Oct. 1 ANDIA Purchased 4,000, P1,000, 12% bonds of National Corporation at 95 plus accrued interest. Interest is payable March 1 and September 1. Sold 1,000 of the National bonds at 105 excluding accrued interest. Dec. 1 Sold all of the Long bonds at 100 plus accrued interest 31 The market value of the National bonds is 90. Required: % 000.000, bomb a. Prepare journal entries to record the transactions includin receipt and accrued of interest. b. Statement presentation of the bond investment o December 31. 308 I

Problem 19-3 (IAA) Bullish Company had the following transactions in bond investment held as trading for the current year. Mar. 1 Purchased 2,000, P1,000, 12% bonds of Long Company at 93 excluding accrued interest. Interest is payable on February 1 and August 1. Apr. 1 ar Oct. 1 ANDIA Purchased 4,000, P1,000, 12% bonds of National Corporation at 95 plus accrued interest. Interest is payable March 1 and September 1. Sold 1,000 of the National bonds at 105 excluding accrued interest. Dec. 1 Sold all of the Long bonds at 100 plus accrued interest 31 The market value of the National bonds is 90. Required: % 000.000, bomb a. Prepare journal entries to record the transactions includin receipt and accrued of interest. b. Statement presentation of the bond investment o December 31. 308 I

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter14: Financing Liabilities: Bonds And Long-term Notes Payable
Section: Chapter Questions
Problem 7P: Wilbury Corporation issued 1 million of 13.5% bonds for 985,071.68. The bonds are dated and issued...
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Problem 19-3 (IAA) abA ANDIA 8 Bullish Company had the following transactions in bond investment held as trading for the current year. Mar. 1 Purchased 2,000, P1,000, 12% bonds of Long Company at 93 excluding accrued interest. Interest is payable on February 1 and August 1. Apr. 1 Purchased 4,000, P1,000, 12% bonds of National Corporation at 95 plus accrued interest. Interest is payable March 1 and September 1. Oct. 1 Sold 1,000 of the National bonds at 105 excluding accrued interest. Dec. 1 Sold all of the Long bonds at 100 plus accrued interest. 31 The market value of the National bonds is 90. Required: 6 to 000,000 %o 000,000.3 boxpos a. Prepare journal entries to record the transactions including receipt and accrued of interest. b. Statement presentation of the bond investment on December 31. 50% i el no
Transcribed Image Text:Problem 19-3 (IAA) abA ANDIA 8 Bullish Company had the following transactions in bond investment held as trading for the current year. Mar. 1 Purchased 2,000, P1,000, 12% bonds of Long Company at 93 excluding accrued interest. Interest is payable on February 1 and August 1. Apr. 1 Purchased 4,000, P1,000, 12% bonds of National Corporation at 95 plus accrued interest. Interest is payable March 1 and September 1. Oct. 1 Sold 1,000 of the National bonds at 105 excluding accrued interest. Dec. 1 Sold all of the Long bonds at 100 plus accrued interest. 31 The market value of the National bonds is 90. Required: 6 to 000,000 %o 000,000.3 boxpos a. Prepare journal entries to record the transactions including receipt and accrued of interest. b. Statement presentation of the bond investment on December 31. 50% i el no
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