Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Monkey Mortgage Inc. engaged in the following non-strategic investment transactions during 2020 2020 Dan 1 Purchased for $422,567 a 9.5%, $416,000 Jaguar Corp. bond that

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Monkey Mortgage Inc. engaged in the following non-strategic investment transactions during 2020 2020 Dan 1 Purchased for $422,567 a 9.5%, $416,000 Jaguar Corp. bond that matures in five years when the market interest rate was 9.1%. Interest is paid semiannually beginning June 30, 2020. Monkey Mortone inc. plans to hold this investment until maturity Mar 1 Bought 7,600 shares of Mule Corp., paying $34.20 per share. May 7 Received dividends of $2.50 per share on the Mule Corp. shares. June 1 Paid $332,eee for 21,800 shares of Zebra common shares June 30 Received interest on the Jaguar bond. Aug- 1 Sold the Mule Corp. shares for $34.35 per share Dec. 31 Received interest on the Jaguar bond. Dec. 31 The fair value of the Zebra shares on this date was $15.88 per share. Assume the fair value of the bonds qualled the carrying value. 2021 Jan. 14 Sold the Zebra shares for $14.80 apter 15 - due 03142022011 Saved Help Save Check my work Required: 1. Prepare an amortization schedule for the Jaguar bond showing only 2020 and 2021 (Enter all the amounts as positive values. Do not round Intermediate calculation. Round your final answers to the nearest whole dollar amount.) Period Ending Cash Interest Received Period interest Income Premium Amort Unamortized Premium Carrying Valve $ $ Jan. 1/20 June 30/20 Dec 31/20 June 30/21 Dec 31/21 19,760 5 19,780 19,760 19.760 19,227 $ 19,203 19.177 19.151 533 557 583 800 6.5877 $ 6,034 5.477 4,894 4,285 422.567 422034 421,477 420,804 420.285 Sum 2 Journal entry worksheet Oh my won 1 2 3 4 5 6 7 8 9 nts Record the purchase of a 5-year, 9.5%, $416,000 bond to be held as a investment. eBook Print Note: Enter debits before credits Beferences General Journal Debit Date Jan 01, 2020 Credit Record entry Clear entry View general journal N Journal entry worksheet 2 3 4 5 B 7 8 9 10 points Record the purchase of 7,600 shares. eBook Print Note: Enter debts before credits Rolences Credit Debit General Journal Date Mar 01, 2020 View general Journal Clear entry Record entry N Journal entry worksheet 2 3 4 5 8 7 8 9 irits Record the collection of dividend income. oflook Pin Note: Enter debits before credits References Date General Journal Debit Credit May 07, 2020 Record entry Clear entry View general journal 2014 Next > Check my w Journal entry worksheet 1 2 4 5 6 7 8 9 Ints Record the purchase of investment. Book Print Note: Enter debit before credits References General Journal Debit Credit Date Jun 01, 2020 View general journal Clear entry Record entry 2. Check my Journal entry worksheet Home Que Sourd Hale Save a Check my w 2 Journal entry worksheet 2 3 4. 5 8 7 8 9 10 points Record the fair value adjustment. Bol Print Note: Enter debit before it Debit General Journal References Credit Date Dec 31, 2020 View general journal Clear entry Lider 15 que 03142022011 Help Seve Ex Check 2 Journal entry worksheet 2 3 4 5 8 7 8 g 10 points Record the sale of investment BOOM Print Note Edebits before credits General Journal Debat Credit Date Jan 14, 2021 Clear entry View perumal journal

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions