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    Devry University
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Category > Business & Finance Posted 09 Dec 2017 My Price 10.00

to hold the bonds tocollect the contractual cash flows

Use the following information for questions 79 and 80.Carsen Company purchased $200,000 of 10% bonds of Garrison Co. on January 1, 2016, paying$211,950. The bonds mature January 1, 2026; interest is payable each July 1 and January 1. Thediscount of $11,950 provides an effective yield of 9%. Carsen’s objective is to hold the bonds tocollect the contractual cash flows. Carsen Company uses the effective interest method.

79.On July 1, 2016, Carsen Company should decrease its Held-for-Collection DebtInvestments account for the Garrison Co. bonds by:

a.$462.b.$808.c.$924.d.$1,598.

80.For the year ended December 31, 2016, Carsen Company should report interest revenuefrom the Garrison Co. bonds at:

a.$20,000.b.$19,037.c.$19,055.d.$19,076.

81.Sycamore, Inc. purchased €100,000 of 8 percent bonds of Alvarado Industries on January1, 2015, at a discount, paying €92,278. The bonds mature January 1, 2020, and yield 10percent; interest is payable each July 1 and January 1. Sycamore has a business modelwhose objective is to hold assets in order to collect contractual cash flows and thecontractual terms of the financial asset provides specified dates with regard to cash flowsthat are solely payments of principal and interest. On December 31, 2015, when themarket rate of interest is 12%, and the fair value of the bonds is €89,934, Sycamore willrecord interest revenue of

a.€5,396b.€4,645c.€4,497d.€4,614

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CourseLover
(12)
Status NEW Posted 09 Dec 2017 02:12 PM My Price 10.00

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