On January 31, 2023, Coco Company purchased a $24,000, 5-year bond at par with 4% interest paid annually on December 31. Coco Company is planning to hold this investment until maturity. 

2) On February 10, 2023, Coco Company invested $23,800 in Best Company by purchasing 3,400 common shares. This is an insignificant investment in Best Company with the intention of selling it within a year. 

3) On March 1, 2023, Coco Company made an investment of $163,520 in Engrid Company by acquiring 8% of its 146,000 outstanding common shares. Coco Company plans to hold on to these shares for at least a few years.

 4) On April 1, 2023, Coco Company received a cash dividend from Best Company for a total of $1,830. 

5) On April 30, 2023, Coco Company received a cash dividend from Engrid Company for a total of $2,170

. 6) On Coco Company's year-end of October 31, 2023, Best Company's common shares were trading at $8.00 per share, and Engrid Company's shares were trading at $13.00 per share. Prepare journal entries using proper accounting methods for all transactions including the year end accrual of the bonds' interest.

 2) Oct 31 Answer Answer Answer Answer To record unrealized gain on investment in Best Company Oct 31 Answer Answer Answer Answer To record unrealized loss on investment in Engrid Company Oct 31 

To record accrued interest revenue on bond investment

Answer rating: 100% (QA)

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