Maurice Tutor

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Category > Accounting Posted 04 Aug 2017 My Price 11.00

Gaelic Industries Inc

PR 13-1A Debt investment transactions, available-for-sale valuation              ObJ. 2, 4 Gaelic Industries Inc. is an athletic footware company that began operations on January 1, 2016. The following transactions relate to debt investments acquired by Gaelic Industries

Inc., which has a fiscal year ending on December 31:

2016

May      1.   Purchased $75,000 of Avery Co. 7%, 15-year bonds at their face amount plus accrued interest of $875. The bonds pay interest semiannually on March 1 and September 1.

16. Purchased $60,000 of Clawhammer 6%, 10-year bonds at their face amount plus accrued interest of $150. The bonds pay interest semiannually on May 1 and November 1.

Sept.   1.   Received semiannual interest on the Avery Co. bonds.

30.      Sold $30,000 of Avery Co. bonds at 98 plus accrued interest of $175. Nov.                1. Received semiannual interest on the Clawhammer bonds.

Dec.  31.  Accrued $1,050 interest on the Avery Co. bonds.

31.      Accrued $600 interest on the Clawhammer bonds.

 

2017

Mar.      1.   Received semiannual interest on the Avery Co. bonds. May             1.   Received semiannual interest on the Clawhammer bonds.

Instructions

1.     Journalize the entries to record these transactions.

2.     If the bond portfolio is classified as available for sale, what impact would this have on financial statement disclosure?

Answers

Maurice Tutor
(5)
Status NEW Posted 04 Aug 2017 08:08 PM My Price 11.00

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