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Flint Corp. carries an account in its general ledger called Investments, which contained debits for investment purchases, and no credits, with the following descriptions. Feb.
Flint Corp. carries an account in its general ledger called Investments, which contained debits for investment purchases, and no credits, with the following descriptions. Feb. 1, 2025 Sharapova Company common stock, $80 par, 160 shares $38,560 April 1 U.S. government bonds, 12\%, due April 1, 2035, interest payable April 1 and October 1, 108 bonds of $1,000 par each 108,000 July 1 McGrath Company 12\% bonds, par \$48,600, dated March 1, 2025, purchased at 104 plus accrued interest, interest payable annually on March 1, due March 1, 2045 52,488 Prepare entries necessary to classify the amounts into proper accounts, assuming that the debt securities are classified as available-for-sale. Sharapova has 200,000 shares outstanding. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) eTextbook and Media List of Accounts Attempts: 2 of 5 used (b) Your answer is partially correct. Prepare the entry to record the accrued interest and the amortization of premium on December 31, 2025, using the straight-line method. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Round answers to 0 decimal places, e.g. 1,225 .) The fair values of the investments on December 31,2025, were: What entries, if any, would you recommend be made? (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Round answers to 0 decimal places, e.g. 1,225.)
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