Answered step by step
Verified Expert Solution
Question
1 Approved Answer
ASAP please Monkey Mortgage Inc. engaged in the following non-strategic investment transactions during 2020: 202 Jan. 1 Purchased for $409,686 a 7.5%,$403,000 Jaguar corp. bond
ASAP please
Monkey Mortgage Inc. engaged in the following non-strategic investment transactions during 2020: 202 Jan. 1 Purchased for $409,686 a 7.5%,$403,000 Jaguar corp. bond that matures in five years when the market interest rate was 7.1%. Interest is paid semiannually beginning June 30,2017 . Monkey Mortgage Inc. plans to hold this investment until maturity. Mar. 1 Bought 6,300 shares of Mule corp., paying $32.80 per share. May 7 Received dividends of $1.20 per share on the Mule Corp. Shares. June 1 Paid $319,000 for 21,150 shares of Zebra common shares. June 30 Received interest on the Jaguar bond. Aug. I sold the Mule corp. Shares for $33.05 per share. Dec. 31 Received interest on the Jaguar bond. Dec. 31 The fair value of the Zebra shares on this date was $15.00 per share. Assume the fair value of the bonds equalled the carrying value. 2021 Jan. 14 Sold the Zebra shares for $14.80. Required: 1. Prepare an amortization schedule for the Jaguar bond showing only 2020 and 2021 . (Enter all the amounts as positlve values. Do not round intermedlate calculation. Round your final answers to the nearest whole dollar amount.) 3. Show how the investments would be reported on Monkey's December 31,2020 , balance sheet. (Do not re calculations. Round your final answers to the nearest whole dollar amount.) Journal entry worksheet Record the purchase of a 5 -year, 7.5%,$403,000 bond to be held as a investment. Note: Enter debits before creditsStep by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started