Exam 18: Investments

On January 1, 2014, Connors Landscaping Ltd. purchased at face value, a $1,000, 5%, bond that pays interest on January 1 and July 1. Connors has a calendar year end. -The entry for the receipt of interest on July 1, 2014, is

Which of the following is a true statement about the accounting for trading investments under IFRS?

Use the following information for questions . At the end of Fanning Corporation's fiscal year, its portfolio of trading investments purchased during the year is as follows: -At the end of the year, Fanning Corporation normally would

A fair value adjustment at the balance sheet date is required only on investments which will be sold within 30 days of the balance sheet date.

Which of the following statements is correct?

An equity investment which is held for trading will be valued at cost on the balance sheet.

Chan Corporation sells 100 common shares being held as a trading investment. The shares were acquired six months ago at a cost of $50 a share Chan sold the shares for $40 a share. The entry to record the sale is:

Anil Denim Products had the following transactions during the year ended December 31, 2014. The debt investments were purchased to earn interest income. Instructions Record the transactions and prepare any December 31, 2014 adjusting entries.