Kirkland Company had no trading debt securities prior to this year. It had the following transactions this year involving trading debt securities. Aug. 2 Purchased Verizon bonds for $10,000. Sep. 7 Purchased Apple bonds for $35,000. 12 Purchased Mastercard bonds for $20,000. Oct. 21 Sold some of its Verizon bonds that had cost $2,000 for $2,100 cash. 23 Sold some of its Apple bonds that had cost $15,000 for $15,400 cash. Nov. 1 Purchased Walmart bonds for $40,000. Dec. 10 Sold all of its Mastercard bonds for $18,000 cash. Required 1. Prepare journal entries to record these transactions. 2. Prepare a table to compare the year-end cost and fair values of its trading debt securities. Year-end fair values: Verizon, $8,500; Apple, $22,000; and Walmart, $39,000. 3. Prepare the adjusting entry to record the year-end fair value adjustment for the portfolio of trading debt securities.

Bonita Corporation issued 1,900 $1,000 bonds at 102. Each bond was issued with one detachable stock warrant. After issuance, the bonds were selling in the market at 99, and the warrants had a market price of $40. Use the proportional method to record the issuance of the bonds and warrants. (List all debit entries before credit entries. 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. Do not round intermediate calculations. Round your answers to O decimal places, e.g. 5,125.) Account Titles and Explanation Debit Credit

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on 7/2/Y1 Loch Ness, Inc. purchased 50 of the $1,000 face bonds issued by EBerry Corp. Loch Ness paid $1,000 for each bond. The EBerry Corp. bonds were trading at 108 on 12/31/Y1 and at 98 on 12/31/Y2. Loch Ness sold all 50 of the EBerry bonds on 7/1/Y3 for when the market price was 104. They prepare financial statements on December 31st each year. Prepare all the JE needed for Loch Ness's investment in EBerry. Show calculation

Kirkland Company had no trading debt securities prior to this year. It had the following transactions this year involving trading debt securities. August 2 Purchased Verizon bonds for $50,000. September 7 Purchased Apple bonds for $75,000. September 12 Purchased Mastercard bonds for $60,000. October 21 Sold some of its Verizon bonds that had cost $4,000 for $4,100 cash. October 23 Sold some of its Apple bonds that had cost $55,000 for $55,400 cash. November 1 Purchased Walmart bonds for $80,000. December 10 Sold all of its Mastercard bonds for $58,000 cash. Required 1. Prepare journal entries to record these transactions. 2. Prepare a table to compare the year-end cost and fair values of its trading debt securities. Year-end fair values: Verizon, $48,500; Apple, $42,000; and Walmart, $59,000. 3. Prepare the adjusting entry to record the year-end fair value adjustment for the portfolio of trading debt securities. Complete this question by entering your ans below. Required 1 Required 2…

Accounting A company purchases corporate bonds for $1,000,000 and categorizes them as AFS. At year-end, their market value is $750,000. $100,000 of the decline in value is attributed to a rise in market interest rates, and $150,000 of the decline is attributed to credit losses. Prepare the year-end adjusting entry in either a T-account or spreadsheet format. See above for location of spreadsheet template. A company invests in stock of other companies for trading purposes. Its accounting year ends December 31. Its investment activity during 2019, 2020, and 2021 is as follows: a. Purchased stock of Acme Company in 2019 for $250,000 for the purpose of taking advantage of short-term volatility in the market place. b. Sold the investment shortly after purchase for $235,000. c. Purchased stock of Beeber Company in 2019 for $300,000. d. The investment had a fair value of $275,000 at the end of 2019. e. It was sold for $310,000 in late 2020. f. Purchased stock of Cromwell Company in 2019 for…

Blue Corporation issued 2,100 $1,000 bonds at 103. Each bond was issued with one detachable stock warrant. After issuance, the bonds were selling in the market at 98, and the warrants had a market price of $41.Use the proportional method to record the issuance of the bonds and warrants. (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. Round your answers to 0 decimal places, e.g. 5,125.) Account Titles and Explanation Debit Credit enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount

Instructions: Provide the journal entry where bonds were sold at a premium. Candlestick Inc. sold bonds for $105,000 (105% face value) rather than for $90,000.

Darouich Industries decided to retire an $1,000,000 bond issue before its due date. The bonds were callable by the company at 104. At the same time, the bonds were selling at 103 on the open market. The company was able to buy $500,000 of the bonds at 103 and called the remaining bonds. At that time, there was $125,000 in the Discount on Bonds Payable account. Compute the gain or loss on the retirement of the called bonds. Group of answer choices $82,500 gain $77,500 loss $82,500 loss $77,500 gain

A4