List Of Accounts

Accumulated Other Comprehensive Income Accumulated Other Comprehensive Loss Bonds Payable Cash Dividends Receivable Dividend Revenue Held for Trading Investments Income from Associates Interest Expense Interest Payable Interest Receivable Interest Revenue Investment in Associates Long-Term Investments Loss on Bond Redemption No Entry Realized Gain on Held for Trading Investments Realized Gain on Long-Term Investments Realized Loss on Held for Trading Investments Realized Loss on Investment in Associates Realized Gain on Trading Investments Realized Loss on Trading Investments Trading Investments Unrealized Gain on Held for Trading Investments Unrealized Gain on Long-Term Investments Unrealized Loss on Held for Trading Investments Unrealized Loss on Long-Term Investments Unrealized Gain on Trading Investments Unrealized Loss on Trading Investments

On July 2, 2018, Imperial Inc. purchased $480,000 of Acme Corp. 4% bonds at a price to yield a market interest rate of 5%. The bonds pay interest semi-annually on July 1 and January 1, and mature on July 1, 2023. Imperial plans to hold this investment until it matures. At December 31, 2018, which is the year end for both companies, the bonds were trading at 95 (this means 95% of maturity value). Calculate the present value issue price) of the bonds on July 2, 2018. (Round present value factor calculations to 5 decimal places, e.g. 1.25124 and the final answer to o decimal places, e.g. 5,250.) Present Value of the Bonds For Imperial, the investor, record. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round answers to 0 decimal places, c.g. 5,250. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) the purchase of the bonds on July 2, 2018, 2. the accrual of interest on December 31, 2018, 3. the receipt of interest on January 1, 2019, and the receipt of interest on July 1, 2019. 1. Debit Credit Date Account Titles and Explanation 2018 July 2 Dec. 31 2019 Jan. 1 July 1 For Acme, the investee (issuer), record. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round answers to o decimal places, e.g. 5,250. If no entry is required, select "No Entry for the account titles and enter o for the amounts.) 1. the issue of the bonds on July 2, 2018, the accrual of interest on December 31, 2018, 3. the payment of interest on January 1, 2019, and 4. the payment of interest on July 1, 2019. 2 Debit Credit Date Account Titles and Explanation 2018 July 2 Dec. 31 2019 Jan. 1 July 1