Maurice Tutor

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About Maurice Tutor

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Algebra,Applied Sciences,Biology,Calculus,Chemistry,Economics,English,Essay writing,Geography,Geology,Health & Medical,Physics,Science Hide all
Teaching Since: May 2017
Last Sign in: 401 Weeks Ago, 1 Day Ago
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Education

  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

Experience

  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Management Posted 08 Oct 2017 My Price 8.00

Rob Wilco Company

On January 1, 2008, Rob Wilco Company purchased $200,000, 8% bonds of Mercury Co. for $184,557. The bonds were purchased to yield 10% interest. Interest is payable semiannually on July 1 and January 1. The bonds mature on January 1, 2013. Rob Wilco Company uses the effective-interest method to amortize discount or premium. On January 1, 2010, Rob Wilco Company sold the bonds for $185,363 after receiving interest to meet its liquidity needs.
Instructions
(a) Prepare the journal entry to record the purchase of bonds on January 1. Assume that the bonds are classified as available-for-sale.
(b) Prepare the amortization schedule for the bonds.
(c) Prepare the journal entries to record the semiannual interest on July 1, 2008, and December 31, 2008.
(d) If the fair value of Mercury bonds is $186,363 on December 31, 2009, prepare the necessary adjusting entry. (Assume the securities fair value adjustment balance on January 1, 2009, is a debit of $3,375.)
(e) Prepare the journal entry to record the sale of the bonds on January 1, 2010.

Answers

Maurice Tutor
(5)
Status NEW Posted 08 Oct 2017 01:10 PM My Price 8.00

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