Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

2. Prepare journal entries to record the preceding transactions, (Round your intermediate and final answers to the nearest whole dollar amount. Use 365 days in

image text in transcribed
image text in transcribed
image text in transcribed
2. Prepare journal entries to record the preceding transactions, (Round your intermediate and final answers to the nearest whole dollar amount. Use 365 days in a year.) Journal entry worksheet Record the purchase of \7.0 term deposit as short-term inwestment. Wote: Fater debits before credis. 3. Show how Live Large Inc's investments will appear on its December 31, 2023, balance sheet (Round your intermediate and final answers to the nearest whole dollar amount.) Live Large inc had the following transactions involving non-strategic investments during 2023 2023 Apr. 1 Paid \\$104,05e to buy a 99 -day ter deposit, \\( \\$ 104,050 \\) principal anount, 7.ex, dated April 1. There was a \\$SO transaktion fee included in the above-noted payment anount. 12 Purchased 3,400 common shares of Blue Balioon itd, at \\( \\$ 23.25 \\). There was a 550 transaction fee included in the above-noted payment amount. June 9 Purchased 2,209 coemon shares of Purple Car Corp. at \\$\\$1.50. There was a \\$50 transaction fee inciuded in the above-noted payment amount. payment amount. July 1 Purchased for \\( \\$ 71,377 \\) a 9.6x, \\( \\$ 69,000 \\) Space Explore Inc. bond that matures in eight years ihen the market interest rate was \\( 8.4 x \\). There was a \\( \\$ 50 \\) transaction fee included in the above-noted payment anount. Intecest is pald sealanually beginnine Deceeber 31, 2023. Live Large Inc. plans to hold this investment until maturity. 3 Received a cheque for the principal and accrued interest on the tern deposit. that matured on june 30. 15 Recelved a 50,95 per share cash dividend on the Blur Balloon Itd. cenmon shares. 28 Sold 1,7ea of the Blue Balloon Ltd, comon shares at \\( \\$ 27.00 \\). Sept. 1 Recelved a 52.50 per share cash dividend on the Purple Car Corp. comon shares. Dec. 15 Received a 51.55 per share cash dividend on the resaining flue Balleon Ltd. common shares owent. 31 Received the interest on the Space Explore Inc, bond. \\$42.75; Yellow Tech shares, \\$17,05. Assume the falr value and the carrying value of the Space Explore bond were equal. 2024 Feb, 16 Sold the remaining blue Balloon shares at \\( \\$ 27.25 \\). Required: 1. Prepare an amortization schedule for the Space Explore bond showing only 2023 and 2024 (Round your intermediate and final answers to the nearest whole dollar amount. Enter all the amounts as positive values. Use 365 doys in a year.) 2. Prepare journal entries to record the preceding transactions, (Round your intermediate and final answers to the nearest whole dollar amount. Use 365 days in a year.) Journal entry worksheet Record the purchase of \7.0 term deposit as short-term inwestment. Wote: Fater debits before credis. 3. Show how Live Large Inc's investments will appear on its December 31, 2023, balance sheet (Round your intermediate and final answers to the nearest whole dollar amount.) Live Large inc had the following transactions involving non-strategic investments during 2023 2023 Apr. 1 Paid \\$104,05e to buy a 99 -day ter deposit, \\( \\$ 104,050 \\) principal anount, 7.ex, dated April 1. There was a \\$SO transaktion fee included in the above-noted payment anount. 12 Purchased 3,400 common shares of Blue Balioon itd, at \\( \\$ 23.25 \\). There was a 550 transaction fee included in the above-noted payment amount. June 9 Purchased 2,209 coemon shares of Purple Car Corp. at \\$\\$1.50. There was a \\$50 transaction fee inciuded in the above-noted payment amount. payment amount. July 1 Purchased for \\( \\$ 71,377 \\) a 9.6x, \\( \\$ 69,000 \\) Space Explore Inc. bond that matures in eight years ihen the market interest rate was \\( 8.4 x \\). There was a \\( \\$ 50 \\) transaction fee included in the above-noted payment anount. Intecest is pald sealanually beginnine Deceeber 31, 2023. Live Large Inc. plans to hold this investment until maturity. 3 Received a cheque for the principal and accrued interest on the tern deposit. that matured on june 30. 15 Recelved a 50,95 per share cash dividend on the Blur Balloon Itd. cenmon shares. 28 Sold 1,7ea of the Blue Balloon Ltd, comon shares at \\( \\$ 27.00 \\). Sept. 1 Recelved a 52.50 per share cash dividend on the Purple Car Corp. comon shares. Dec. 15 Received a 51.55 per share cash dividend on the resaining flue Balleon Ltd. common shares owent. 31 Received the interest on the Space Explore Inc, bond. \\$42.75; Yellow Tech shares, \\$17,05. Assume the falr value and the carrying value of the Space Explore bond were equal. 2024 Feb, 16 Sold the remaining blue Balloon shares at \\( \\$ 27.25 \\). Required: 1. Prepare an amortization schedule for the Space Explore bond showing only 2023 and 2024 (Round your intermediate and final answers to the nearest whole dollar amount. Enter all the amounts as positive values. Use 365 doys in a year.)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_step_2

Step: 3

blur-text-image_step3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions