Essay
On January 1,2014,Exclusive Company purchases $10,000 of 6% bonds in Smiley Company at a price of 95.Exclusive Company intends to hold the bonds until the maturity date on January 1,2024.The interest dates are January 1 and July 1.Exclusive Company amortizes any discount or premium using the straight-line method.The fiscal year end of Exclusive Company is December 31.
Required:
Prepare the journal entries on:
1.January 1,2014
2.July 1,2014
3.December 31,2014
4.January 1,2015
Explanations are not required.
Correct Answer:
Verified
Correct Answer:
Verified
Q31: A company purchased a long-term available-for-sale security
Q60: The Allowance to Adjust Investment in Available-for-Sale
Q73: If an investor company owns 35% of
Q75: The principal of a note payable is
Q76: A U.S.company sells goods on account to
Q77: On January 1,2014,Gardner Corporation purchased 25% of
Q81: A long-term investment in available-for-sale securities was
Q82: In consolidation accounting,a year-end elimination entry is
Q83: An investor owns 30% of the outstanding
Q91: A noncontrolling interest arises when:<br>A)a parent company