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Handy Corp. had the following transactions. Prepare the following transactions involving the non-strategic investments. Journal entry descriptions are not required. (Assume no investments were held prior to the following transactions):
(a) Feb 16: Purchased 700 Flay Corp shares at $45 per share.
(b) Mar 1: Purcahsed for $75,266 at 10.0%, $71,000 Mars Inc. bond that matures in 5 years when the market interest rate was 8.5%. Interest is to be paid semiannually. Handy Corp. plans to hold the investment until maturity and to use the amortized cost method to record the investment.
(c) Mar 15: Received a $5 per share dividend on the Flay Corp shares.
(d) June 28: Sold 150 shares of Flay Corp at $55 per share.
(e) Aug 31: Received the interest on the Mars Inc. bond. (Round to nearest whole number)
(f) Aug 31: Fair values for Flay Corp $47 per share. Assume the fair value and the carrying value of the Mars Inc. bond were equal.
(g) Sept 15: The remaining shares of Mars Inc. were sold for $43 per share.
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Auditing Cases An Active Learning Approach
ISBN: 9781266566899
2nd Edition
Authors: Mark S. Beasley, Frank A. Buckless, Steven M. Glover, Douglas F. Prawitt