The following investment account was taken from the general ledger of One Dream Investment Company: Debt...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
The following investment account was taken from the general ledger of One Dream Investment Company: Debt Investments - Fulfiled Dream 6% bonds (2,000,000 face value, due December 31, 2027) Date PR Debit Credit Balance January 12. 2022 VR 01.912,300 P1,812,300 June 30, 2022 Dec. 31, 2022 Dec. 31, 2022 CRJ CRJ 60,000 1,752,300 60,000 1,892.300 195,000 1,497,300 in the course of your examination, you obtained the following information: • Interest checks were received on June 30 and December 31 and were credited to the investment account. • One dream sold P200,000 of its investment on December 31, 2022 for P195,000. • Effective interest rab: on this investment, as computed by your audit staff, is 8%. • One Dream included this investment in a portfolio that is held to collect and for sale. The fair value at December 31, 2022 and 2023 is 97.5 and 106, respectively. Question 14 Problem 3-One Dream Investment Company Question 2: How much is the amortization for 2023? Question 15 Problem 3-One Dream Investment Company Question 3: how much is the gain or loss on sale as of December 31, 2022? Question 16 Problem 3-One Dream Investment Company Question 4: The unrealized gain or loss for the year 2023 amounts to? 3.5 pts 3.5 pts 3.5 pts 1011 The following investment account was taken from the general ledger of One Dream Investment Company: Debt Investments - Fulfiled Dream 6% bonds (2,000,000 face value, due December 31, 2027) Date PR Debit Credit Balance January 12. 2022 VR 01.912,300 P1,812,300 June 30, 2022 Dec. 31, 2022 Dec. 31, 2022 CRJ CRJ 60,000 1,752,300 60,000 1,892.300 195,000 1,497,300 in the course of your examination, you obtained the following information: • Interest checks were received on June 30 and December 31 and were credited to the investment account. • One dream sold P200,000 of its investment on December 31, 2022 for P195,000. • Effective interest rab: on this investment, as computed by your audit staff, is 8%. • One Dream included this investment in a portfolio that is held to collect and for sale. The fair value at December 31, 2022 and 2023 is 97.5 and 106, respectively. Question 14 Problem 3-One Dream Investment Company Question 2: How much is the amortization for 2023? Question 15 Problem 3-One Dream Investment Company Question 3: how much is the gain or loss on sale as of December 31, 2022? Question 16 Problem 3-One Dream Investment Company Question 4: The unrealized gain or loss for the year 2023 amounts to? 3.5 pts 3.5 pts 3.5 pts 1011
Expert Answer:
Answer rating: 100% (QA)
Question 13 The investment account balance as of December 31 2022 is P1497300 To correct the interes... View the full answer
Related Book For
Posted Date:
Students also viewed these accounting questions
-
The following selected information is taken from the general ledger of Carnival Limited: (a) Sales revenue................................................$160,000 Accounts receivable, January...
-
The account balances taken from the general ledger for River Falls Beverages, Inc., are as follows: Accounts Payable ................... $285,940 Accounts Receivable .................... 386,660...
-
The account balances taken from the general ledger for Edwards, Inc., are as follows: Accounts Payable .................... $ 345,046 Accounts Receivable .................. 497,036 Accumulated...
-
Most people rely on implicit costs in their everyday lives. Can you give some examples? What alternatives did you have to achieve the desire outcome?
-
During early 2012, economic hardship was stretching the limits of Frances welfare system. One indicator of the level of hardship was the increase in the number of people bringing items to a Paris...
-
You are studying a newly discovered species of rodent. Observations suggest that a rodent selected at random with a tail of length described by a random variable X cm with probability density...
-
In an engine working on diesel cycle, inlet pressure and temperature are 1 bar and \(20^{\circ} \mathrm{C}\). Pressure at the end of adiabatic compression is 40 bar. The ratio of expansion after...
-
A Variable-Mass Raindrop in a rocket-propulsion problem the mass is variable. Another such problem is a raindrop falling through a cloud of small water droplets. Some of these small droplets adhere...
-
Apple business is currently operating in the country of China and you were asked to report on different aspects of the business as you consider international expansion. By now, you should have a good...
-
Use the 3 step Mathematical Induction process to prove the following statements. You must label and show all three steps. Step 1: Prove n = 1 is true Step 2: Assume true for all n = k Step 3: plug in...
-
An alpha manufacturing company produces a single product, which is known as Sigma. The product requires a single operation, and the standard cost for this operation is represented in the following...
-
What is transmutation? Explain the four different ways by which property can transmute.
-
What is a domestic partnership?
-
Why are gun relinquishment orders important to the safety of victims? What protections are provided by federal law?
-
The current through a \(60-\mathrm{W}\) light bulb is \(2 \mathrm{~A}\) when connected to a nonideal battery with \(\mathrm{emf} \mathscr{E}=120 \mathrm{~V}\). Determine the bulb's resistance and...
-
What is a gift? When might a gift be classified as marital rather than separate?
-
WEGrow Inc. is not currently paying a dividend. You predict that, in seven years (i.e., at t=7), WEGrow Will pay a dividend for the first time. The dividend will be $0,50 per share. You expect that...
-
You have just begun your summer internship at Omni Instruments. The company supplies sterilized surgical instruments for physicians. To expand sales, Omni is considering paying a commission to its...
-
These items were taken from the financial records of Brown's Used Cars: Utilities expense ............$ 17,650 Interest expense............. 50 Selling expense .............. 14,600 Administrative...
-
Cornett Systems provides the following information from the most recent year: Required Prepare the operating activities section of Cornett's statement of cash flows using the indirect method. Net...
-
The adjusted trial balance for Handle Coffee is as follows: Required Prepare Handle's income statement and statement of retained earnings for the month of November and its balance sheet at November...
-
One of the main fears that retail startups have is if they will be able to compete against Walmart, Home Depot, and the other big-box stores. This is a legitimate fear. Big-box stores continue to...
-
Influencer marketing is a type of marketing where companies partner with influencers, who have a significant following on social media platforms, to promote their products or services. Influencers...
-
In the summer of 2015, Stephen Kuhl and Kabeer Chopra made their way to Philadelphia to prepare for business school. It was their first semester in the Wharton MBA program. They were both in an...
Study smarter with the SolutionInn App