Problem 17-3 Swifty Corp. carries an account in its general ledger called Investments, which contained debits for investment purchases, and no credits, with the following descriptions. $35,900 Feb. 1, 2017 April 1 96,000 Sharapova Company common stock, $100 par, 200 shares U.S. government bonds, 11%, due April 1, 2027, interest payable April 1 and October 1, 96 bonds of $1,000 par each McGrath Company 12% bonds, par $53,500, dated March 1, 2017, purchased at 104 plus accrued interest, interest payable annually on March 1, due March 1, 2037 July 1 57,780 Your answer is partially correct. Try again. Prepare the entry to record the accrued interest and the amortization of premium on December 31, 2017, using the straight-line method. (Round answers to 0 decimal places, e.g. 2,500. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Date Account Titles and Explanation Debit Credit Dec. 31, 2017 Tinterest Receivable 5350 Debt Investments 54 Interest Revenue 5296 x] Your answer is incorrect. Try again. The fair values of the investments on December 31, 2017, were: Sharapova Company common stock U.S. government bonds McGrath Company bonds $34,000 119,500 63,200 What entry, if any, would you recommend be made? (Round answers to 0 decimal places, e.g. 2,500. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit Dec. 31, 2017 (Entry for debt investment) (Entry for equity investment) x Your answer is incorrect. Try again. The U.S. government bonds were sold on July 1, 2018, for $108,000 plus accrued interest. Give the proper entry. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Date Account Titles and Explanation Debit Credit Jul. 1, 2018 | Problem 17-3 Swifty Corp. carries an account in its general ledger called Investments, which contained debits for investment purchases, and no credits, with the following descriptions. $35,900 Feb. 1, 2017 April 1 96,000 Sharapova Company common stock, $100 par, 200 shares U.S. government bonds, 11%, due April 1, 2027, interest payable April 1 and October 1, 96 bonds of $1,000 par each McGrath Company 12% bonds, par $53,500, dated March 1, 2017, purchased at 104 plus accrued interest, interest payable annually on March 1, due March 1, 2037 July 1 57,780 Your answer is partially correct. Try again. Prepare the entry to record the accrued interest and the amortization of premium on December 31, 2017, using the straight-line method. (Round answers to 0 decimal places, e.g. 2,500. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Date Account Titles and Explanation Debit Credit Dec. 31, 2017 Tinterest Receivable 5350 Debt Investments 54 Interest Revenue 5296 x] Your answer is incorrect. Try again. The fair values of the investments on December 31, 2017, were: Sharapova Company common stock U.S. government bonds McGrath Company bonds $34,000 119,500 63,200 What entry, if any, would you recommend be made? (Round answers to 0 decimal places, e.g. 2,500. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit Dec. 31, 2017 (Entry for debt investment) (Entry for equity investment) x Your answer is incorrect. Try again. The U.S. government bonds were sold on July 1, 2018, for $108,000 plus accrued interest. Give the proper entry. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Date Account Titles and Explanation Debit Credit Jul. 1, 2018 |