Answered step by step
Verified Expert Solution
Question
1 Approved Answer
transaction list Journal entry worksheet Note: Enter debits before credits. Date General Journal Debit Credit Jan 01,2023 please help Asap 2. Prepare the entries to
transaction list Journal entry worksheet Note: Enter debits before credits. Date General Journal Debit Credit Jan 01,2023
please help Asap
2. Prepare the entries to record the transactions described above. (Enter all the amounts as positive values. Do not round intermediate calculations and round your final answers to the nearest dollar.) Journal entry worksheet 5 Record the purchase of a 27 -years, 9.5%,$93,000 bond to be held as a longterm investment. Note: Enter debits before credits. 3. Show how the investments would be reported on Corona's December 31, 2023, balance sheet. (Do not round intermediate calculations and round your final answer to the nearest dollar.) Following are the non-strategic investment transactions of Corona Inc.: 2023 Jan. 1 Purchased for $98,672 an 9.5%, $93,000 bond that matures in 27 years from Hanna Corporation when the market interest rate was 8.9%. There was a $50 transaction fee included in the above-noted payment amount. Interest is paid semiannually beginning June 30,2023 . The acquisition was made with intention to hold to maturity. June 30 Received interest on the Hanna bond. July 1 Paid $133,000 for a Trust Inc. bond with a par value of $138,000 and a twenty two-years term. The bond pays interest quarterly beginning September 30,2023 , at the annual rate of 9.3%; the market interest rate on the date of purchase was 9.7\%. There was a $50 transaction fee included in the above-noted payment amount. Sept. 30 Received interest on the Trust bond. Dec. 31 Received interest on the Hanna and Trust bonds. 31 The fair values of the bonds on this date equalled the fair values. Required: 1. For each of the bond investments, prepare an amortization schedule showing only 2023 and 2024. (Round your intermediate and final answers to the nearest whole dollar amount. Enter all the amounts as positive values.) 2. Prepare the entries to record the transactions described above. (Enter all the amounts as positive values. Do not round intermediate calculations and round your final answers to the nearest dollar.) Journal entry worksheet 5 Record the purchase of a 27 -years, 9.5%,$93,000 bond to be held as a longterm investment. Note: Enter debits before credits. 3. Show how the investments would be reported on Corona's December 31, 2023, balance sheet. (Do not round intermediate calculations and round your final answer to the nearest dollar.) Following are the non-strategic investment transactions of Corona Inc.: 2023 Jan. 1 Purchased for $98,672 an 9.5%, $93,000 bond that matures in 27 years from Hanna Corporation when the market interest rate was 8.9%. There was a $50 transaction fee included in the above-noted payment amount. Interest is paid semiannually beginning June 30,2023 . The acquisition was made with intention to hold to maturity. June 30 Received interest on the Hanna bond. July 1 Paid $133,000 for a Trust Inc. bond with a par value of $138,000 and a twenty two-years term. The bond pays interest quarterly beginning September 30,2023 , at the annual rate of 9.3%; the market interest rate on the date of purchase was 9.7\%. There was a $50 transaction fee included in the above-noted payment amount. Sept. 30 Received interest on the Trust bond. Dec. 31 Received interest on the Hanna and Trust bonds. 31 The fair values of the bonds on this date equalled the fair values. Required: 1. For each of the bond investments, prepare an amortization schedule showing only 2023 and 2024. (Round your intermediate and final answers to the nearest whole dollar amount. Enter all the amounts as positive values.)Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started