Question: thats all the info given. please work with what is given Problem 17-7 Your answer is partially correct. Try again. The following information relates to

 thats all the info given. please work with what is givenProblem 17-7 Your answer is partially correct. Try again. The following information

thats all the info given. please work with what is given

Problem 17-7 Your answer is partially correct. Try again. The following information relates to the debt securities investments of Wildcat Company. 1. On February 1, the company purchased 11% bonds of Gibbons Co. having a par value of $368,400 at 100 plus accrued interest. Interest is payable April 1 and October 1. 2. On April 1, semiannual interest is received. 3. On July 1, 10% bonds of Sampson, Inc. were purchased. These bonds with a par value of $290,400 were purchased at 100 plus accrued interest. Interest dates are June 1 and December 1. 4. On September 1, bonds with a par value of $78,000, purchased on February 1, are sold at 98 plus accrued interest. 5. On October 1, semiannual interest is received 6. On December 1, semiannual interest is received. 7. On December 31, the fair value of the bonds purchased February 1 and July 1 are 94 and 92, respectively. (a) Prepare any journal entries you consider necessary, including year-end entries (December 31), assuming these are available-for-sale securities. (Credit account titles are automatically inden the account titles and enter o for the amounts.) No. Date Account Titles and Explanation Debit Credit (1) Feb. 1 Debt Investments Tinterest Receivable cash (2) Apr. 1 cash * Interest Receivable (3) Jul. 1 Debt Investments Interest Revenue I T cash (4) Sep. 1 cash TLoss on Sale of Investmen TDebt Investments Interest Revenue (5) Oct. 1 Cash Interest Revenue (6) Dec. 1 Cash 1 Interest Revenue T (7) Dec. 31 TLoss on Sale of Investmen Debt Investments (To record interest.) Dec. 31 Loss on Sale of Investmen Debt Investments (To record adjustment.)

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