Assume the same information as in E14-3 except that the securities are classified as available-for-sale. The fair
Question:
Assume the same information as in E14-3 except that the securities are classified as available-for-sale. The fair value of the bonds at December 31 of each year-end is as follows.
Instructions
(a) Prepare the journal entry at the date of the bond purchase.
(b) Prepare the journal entries to record the interest received and recognition of fair value for 2008.
(c) Prepare the journal entry to record the recognition of fair value for2009.
Transcribed Image Text:
2008 2009 2010 $320.500 $309,000 $308,000 2011 2012 $310,000 $300,000
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 60% (5 reviews)
a January 1 2008 AvailableforSale Securities 32274444 Cash 32274444 b December 31 2008 Cash 3600...View the full answer
Answered By
Ashington Waweru
I am a lecturer, research writer and also a qualified financial analyst and accountant. I am qualified and articulate in many disciplines including English, Accounting, Finance, Quantitative spreadsheet analysis, Economics, and Statistics. I am an expert with sixteen years of experience in online industry-related work. I have a master's in business administration and a bachelor’s degree in education, accounting, and economics options.
I am a writer and proofreading expert with sixteen years of experience in online writing, proofreading, and text editing. I have vast knowledge and experience in writing techniques and styles such as APA, ASA, MLA, Chicago, Turabian, IEEE, and many others.
I am also an online blogger and research writer with sixteen years of writing and proofreading articles and reports. I have written many scripts and articles for blogs, and I also specialize in search engine
I have sixteen years of experience in Excel data entry, Excel data analysis, R-studio quantitative analysis, SPSS quantitative analysis, research writing, and proofreading articles and reports. I will deliver the highest quality online and offline Excel, R, SPSS, and other spreadsheet solutions within your operational deadlines. I have also compiled many original Excel quantitative and text spreadsheets which solve client’s problems in my research writing career.
I have extensive enterprise resource planning accounting, financial modeling, financial reporting, and company analysis: customer relationship management, enterprise resource planning, financial accounting projects, and corporate finance.
I am articulate in psychology, engineering, nursing, counseling, project management, accounting, finance, quantitative spreadsheet analysis, statistical and economic analysis, among many other industry fields and academic disciplines. I work to solve problems and provide accurate and credible solutions and research reports in all industries in the global economy.
I have taught and conducted masters and Ph.D. thesis research for specialists in Quantitative finance, Financial Accounting, Actuarial science, Macroeconomics, Microeconomics, Risk Management, Managerial Economics, Engineering Economics, Financial economics, Taxation and many other disciplines including water engineering, psychology, e-commerce, mechanical engineering, leadership and many others.
I have developed many courses on online websites like Teachable and Thinkific. I also developed an accounting reporting automation software project for Utafiti sacco located at ILRI Uthiru Kenya when I was working there in year 2001.
I am a mature, self-motivated worker who delivers high-quality, on-time reports which solve client’s problems accurately.
I have written many academic and professional industry research papers and tutored many clients from college to university undergraduate, master's and Ph.D. students, and corporate professionals. I anticipate your hiring me.
I know I will deliver the highest quality work you will find anywhere to award me your project work. Please note that I am looking for a long-term work relationship with you. I look forward to you delivering the best service to you.
3.00+
2+ Reviews
10+ Question Solved
Related Book For
Intermediate Accounting principles and analysis
ISBN: 978-0471737933
2nd Edition
Authors: Terry d. Warfield, jerry j. weygandt, Donald e. kieso
Question Posted:
Students also viewed these Accounting questions
-
Assume the same information as in E1412. Minor Inc. sells 10% bonds having a maturity value of $3 million for $2,783,724. The bonds are dated January 1, 2011, and mature on January 1, 2016. Interest...
-
Assume the same information as in BE8-9. Young Inc.'s financial difficulties are over. On June 4, 2014, Perry Co. receives a payment in full of $5,500 from Young Inc. Record this transaction.
-
Assume the same information as in BE8-9. Tokarik Inc.'s financial difficulties are over. On June 4, 2017, Perry Co. receives a payment in full of $5,500 from Tokarik Inc. Record this transaction.
-
For nearly 50 years, Loganville Window Treatments (LWT) of Loganville, Georgia, has made interior shutters that are sold through decorating centers. Figure 3.20 shows some of the various styles of...
-
A company reports the following: Net income.........................................$185,000 Preferred dividends................................$25,000 Shares of common stock...
-
Reconsider the previous exercise where the monthly salaries of the three people working in a small firm are $3500, $4000, and $4500. If instead of a $100 raise, everyone gets a 10% raise, how, if at...
-
Choose the most recent annual report of two Australian or New Zealand publicly listed companies (other than Woolworths Group Ltd). Locate the remuneration report and the financial statement notes...
-
The Mixing Department manager of Crede Company is able to control all overhead costs except rent, property taxes, and salaries. Budgeted monthly overhead costs for the Mixing Department, in...
-
Discuss the following topic(s) in the forum and submit proof of your participation in the online discussions: 1) Professional certification and the practising accountants 2) Cost data and managerial...
-
George recently requested a copy of his accounting of disclosures. He is appalled to see that his diagnosis of syphilis was reported to the state department of health 3 months ago. In this state,...
-
On January 1, 2008, Hi and Lois Company purchased 12% bonds, having a maturity value of $300,000, for $322,744.44. The bonds provide the bondholders with a 10% yield. They are dated January 1, 2008,...
-
On January 1, 2008, Phantom Company acquires $200,000 of Spiderman Products, Inc., 9% bonds at a price of $185,589. The interest is payable each December 31, and the bonds mature December 31, 2010....
-
The coded message that follows is an encrypted message from Brutus to the Roman Senate. It was produced using the Caesar cipher method, in which each letter is shifted by a fixed number of places...
-
The government increases its fiscal deficit (raising G and/or cutting T). Draw this on the same diagram. Now is the country in internal balance? External balance?
-
Environmental Law The United States has laws to help protect the environment. These laws are enforced by the Environmental Protection Agency. Research environmental laws. Find one that you think is...
-
Solve the equation x + (y 1) = 1
-
What are three challenges in addressing global environmental issues through international environmental laws? How can these challenges be overcome?
-
Discuss an example of an environmental law or approach that demonstrates risk protection principles of environmental justice of environmental sustainability.
-
What differences in traffic patterns account for the fact that STDM is a cost-effective form of multiplexing for a voice telephone network and FDM is a cost-effective form of multiplexing for...
-
Tell whether the angles or sides are corresponding angles, corresponding sides, or neither. AC and JK
-
Simplify the expressions in Problems 3850. a. -8 + 7 + 16 b. 14+ (-10) - 8 - 11
-
The international cash flow standard (IAS 7) treats several items differently than does the U.S. cash flow standard. Identify those items, and discuss how they are treated differently.
-
What are the eight categories in a statement of cash flows prepared according to the U.K. standard (FRS 1)?
-
Compute how much cash was collected from customers during the year. Use the following information for Practices 21-1 through 21-3. The company provides the following information: (a) All purchases of...
-
What percentage of the American opportunity tax credit may be refundable?
-
You want to buy a house. You have $50,000 saved for the down payment and can pay $2,000 per month on the mortgage. The 30-year mortgage interest rate is 9% per year (equal to 0.75% per month). What...
-
Compute the Social Security and Medicare for Paul, Alex, and Andrea. The rates are 6 . 2 % for Social Security and 1 . 4 5 % for Medicare. Assume the Social Security limit is $ 1 4 2 , 8 0 0 and the...
Study smarter with the SolutionInn App