Question
Blossom Companys December 31, 2024 stockholders equity section reported Accumulated Other Comprehensive Income of $51000 which reflected cumulative gains. The following information is available for
Blossom Companys December 31, 2024 stockholders equity section reported Accumulated Other Comprehensive Income of $51000 which reflected cumulative gains. The following information is available for Blossom for 2025:
| Net income | $251500 | |
| Realized gain on sale of available-for-sale debt securities | 26000 | |
| Unrealized holding gain on available-for-sale debt securities | 31000 | |
| Unrealized holding loss on available-for-sale equity securities | 11000 |
What is Blossoms comprehensive income for 2025?
On August 1, 2025, Crane Company acquired $490000 face value 9% bonds of Cullumber Corporation at 103 plus accrued interest. The bonds were dated May 1, 2025, and mature on April 30, 2030, with interest payable each October 31 and April 30. The bonds will be held to maturity. What entry should Crane make to record the purchase of the bonds on August 1, 2025?
| Debt Investments | 515725 |
|
| Interest Revenue |
| 11025 |
| Cash |
| 504700 |
| Debt Investments | 504700 |
|
| Interest Revenue | 11025 |
|
| Cash |
| 515725 |
| Debt Investments | 490000 |
|
| Premium on Bonds | 25725 |
|
| Cash |
| 515725 |
| Debt Investments | 515725 |
|
| Cash |
| 515725 |
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Auditing
Authors: Alan Millichamp, John Taylor
12th Edition
1473778999, 9781473778993
