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A. Classification held to maturity available-for-sale, or trading securities 3. Monroe Corporation (MC) had the following investments as of 12/31/2015 and 12/31/2016 4 5 As of 12/31/2015 As of 12/31/2016 6 Market Cost Market Cost Bonds issued by ABC Company that pay 5% annual interest. The bonds 1. mature in 2018 and MC has no plans to 900,000 800,000 875,000 800,000 sell these bonds before the maturity 7 date Equity interest in Ruston Corporation that MC bought 1/1/2015. MC had 2. hoped to sell this interest early in 2015 480,000 500,000 470,000 500,000 and still plans to sell as soon as they 8 can recover their original cost 3 Equity interest in Bay Side purchased on 731/2015 with no intention to sell during 2017 1,300,000 1,200,000 1,250,000 1,200,000 0 Bonds issued by XYZ Corporation that pay 425% annual interest. The bonds 4 mature in 2037, but MC believes they 1,620,000 1,600,000 1,635,000 1,800,000 will need to sell the bonds before that 10 date 11 12 13 Ruston Corporation (RC) received the following from each of the investments during 2016, 14 15 1. Interest income 40.000 16 2. Dividend income 2.500 17 3. Dividend income None 18 4 Interest income 76,000 19 20 Questions: 22 A Answer on this sheet B Answer on sheet B&C How would each of these investments be classified on MC's 12:31 2016 balance What dollar amounts would appear for each of these investments on MCS 12/31/2016 balance sheet? How would MC report the earnings and changes in market value on their income statement statement of comprehensive income for the year ended 1231 20162 problem B&C Answer on sheet B&C A B D E G H B. Current Assets Non-Current Assets 5 BC. Income Statement 5 7 3 Other Comprehensive Income 2 3 4 3 Total comprehensive income from investments 3 3 problem B8C