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Week 1: Week 1 - W1 Assignment 3 Assignment 3: Dropbox Assignment In this assignment, you will learn how to classify investments into the appropriate categories, record purchases and sales of different types of investments, and prepare journal entries to record any periodic adjustments required by GAAP. You will also learn how investment securities should be presented in financial statements. These skills will help you work as a controller when there is an investment portfolio, as well as prepare you to work as an auditor when you are required to evaluate a client's accounting for investments. Consider the following scenario: 2011 Oct 1 Purchased U.S. Treasury Bonds for $2,300,000; the bonds mature in 2013 and bear interest at 5 percent, paid semiannually on September 30 and March 30. Real-Time Corporation anticipates that interest rate changes will force bond prices up in the next month and will sell these bonds at that time. Oct Received semiannual interest on Bardco Bonds. 15 Oct Sold the U.S. Treasury Bonds for $2,400,000 plus accrued interest. 31 Nov 1 Purchased $30,000,000 of Zardinia Corporation's bonds to yield 9 percent and paid $31,951,190. The bonds pay interest semiannually on April 30 and October 31 at the stated rate of 10 percent. Real-Time Corporation plans to hold these bonds to their maturity date, which is October 31, 2020. Nov Sold the Bardco Bonds for $9,000,000 plus accrued interest because rising 30 interest rates are expected to cause the value of the bonds to continue to Datedecline. Purchased Issuer Description Cost Market Value Dec 1 Purchased 500,000 Nazdak Corporation common stock, $1 par, for $18 per 09/30/2011 share. This investment was made in anticipation of an increase in the price of 07/01/11 Maslow 1,000,000 shares of preferred stock; $20,000,000 $19,400,000 the company's stock, at which point it will be sold. Company per share in indefinitelyon the Maslow Company stock. Dec Received $.50 will be held dividends 08/02/11 Cardinal 250,000 shares of common stock; $ 3,750,000 $ 4,500,000 15 Publishing will be held unless needed forany schedules needed to record Dec 31 Created liquidity adjusting entries for the investment 09/30/11 Bardco $10,000,000 face value, 8 percent prepared the adjusting portfolios, and $10,000,000 $10,000,000 Furniture bonds, maturing April 15, 2019; entries. Market values for the investments interest paid semi-annually on on December 31, 2011, were as follows: October 15 and April 15; may be sold if needed for liquidity purposes Maslow Company $20,700,000 Zardinia Corporation Nazdak Corporation Cardinal Publishing $29,700,000 $8,500,000 $4,100,000 2012 Jan 2 Sold $10,000,000 of the Zardinia Corporation bonds for face value. Jan 5 Sold all of the Nazdak shares at a price of $20 per share. Jan Sold all of the Cardinal Publishing shares for $17.50 per share. 10 Real-Time Corporation is a diversified company that uses an investment portfolio to manage its liquidity and to enhance earnings. Their fiscal year ends on December 31. On October 1, 2011, its investment portfolio consisted of the following securities: Real-Time Corporation made all of the appropriate adjusting entries on September 30, 2011. During the last quarter of 2011 and the first few days of 2012, Real-Time Corporation had the following investment transactions: Analyze the information provided above. Based on your analysis, complete the following: Prepare all of the appropriate schedules and journal entries for the transactions listed. Create an excerpt from the balance sheet showing how the investments will be reported on the company's balance sheet as of December 31, 2011. Create and submit the schedules, journal entries, and excerpt of the balance sheet. Complete the above problems in a Microsoft Excel worksheet. Support your responses with examples. Cite any sources in APA format. Submission Details Name your worksheet SU_ACC3028_W1_A3_LastName_FirstInitial.xls. Submit your worksheet to the W1 Assignment 3 Dropbox by Tuesday, March 4, 2014. Assignment 3 Grading Criteria Prepared all of the appropriate schedules and journal entries for the transactions listed. Created an excerpt from the balance sheet showing how the investments will be reported on the company's balance sheet as of December 31, 2011. Used correct spelling, grammar, and professional vocabulary. Cited all sources using APA format. Total: Maximum Points 20 15 5 40