Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

NWP Annement Player Question 5 of 7 1/1 View Policies Show Attempt History Current Attempt in Progress Following is information for Bramble Lte's investments held

image text in transcribed
image text in transcribed
image text in transcribed
NWP Annement Player Question 5 of 7 1/1 View Policies Show Attempt History Current Attempt in Progress Following is information for Bramble Lte's investments held for trading. Bramble is a public company and has a December 31 year end. 2021 Sept. 28 Oct. 1 Purchased 4.100 shares of Cygman Limited for $36 per share. Purchased $348,000 of Rauk Inc. 4% bonds at face value. The bonds pay interest semi-annually on April 1 and October 1. Sold 2.200 Cygman shares for $38 per share. Received $1.50 per share dividend from Cygman. Cygman shares were trading at $34 per share and the Rauk bonds were trading at 101. 12 Nov. Dec. 1 31 2022 Mar. Apr. Oct Dec 31 1 Sold the remaining Cygman shares for $36 per share. Received interest on the Rauk bonds. Received interest on the Rauk bonds. Rauk bonds were trading at 102. 1 31 Record the above transactions, including any required adjusting entries for 2021 and 2022. (Credit account titles are automatically Indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts) 2021 Date Debit Credit Account Titles and Explanation Investments at FVTPL Mar 31 167600 147600 Cash (To record purchase of investment.) Apr. 1 Arvestments at FVTPL 340000 Question 5 of 7 > 1/1 2021 Date Account Titles and Explanation Debit Credit Mar 31 Investments at FVTPL 147600 Cash 147600 To record purchase of investment.) Apr, 1 Investments at FVTPL 348000 Cash 348000 (To record purchase of investment.) Cash Sept. 28 Investment Income or Loss Investments at FVTPL To record sale of investment.) Oct. 1 Cash Investment Income or Loss Collection of dividend.) Dec 1 Investments at FVTPL Interest Revenue (To accrue interest revenue) Dec. 31 Investments at FVTPL Loss on Sale of FVTPL Investments (To record fair value adjustment.) 2022 NWP et PlayerUI AP: Cal Question 5 of 7 1/1 2021 Date Account Titles and Explanation Debit Credit Mar 31 Investments at FVTPL 147600 Cash 147600 To record purchase of investment.) Apr, 1 Investments at FVTPL 348000 Cash 348000 (To record purchase of investment.) Cash Sept. 28 Investment Income or Loss Investments at FVTPL To record sale of investment.) Oct. 1 Cash Investment Income or Loss Collection of dividend.) Dec 1 Investments at FVTPL Interest Revenue (To accrue interest revenue) Dec. 31 Investments at FVTPL Loss on Sale of FVTPL Investments (To record fair value adjustment.) 2022 NWP et PlayerUI AP: Cal Question 5 of 7

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

Recommended Textbook for

Management And Compliance Audit A Complete Guide

Authors: Gerardus Blokdyk

2020 Edition

0655927727, 978-0655927723

More Books

Students also viewed these Accounting questions