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Module 8: Assignment 1 Saved Help Save & Exit Submit Jaiety Development strategic investments: orporation mau relatively large lule Cash Palances and invested them as follows in Securities to be held as non- 1 2023 Skipped Feb. 7 Purchased 3,300 common shares of Royal Bank at $27.60, plus $500 in transaction fees. 19 Purchased 2,300 common shares of Imperial Oil at $54.50, and paid $250 in transaction fees. Apr. 1 Paid $99,166 plus $500 in transaction fees for a 9.00%, four-year, $101,000 Minco Inc. bond that pays interest quarterly beginning June 30. The market rate of interest on this date was 9.40%. Sellers Corporation plans to hold this investment for the duration of the bond's contract life. May 26 Purchased 3,100 common shares of BCE at $14.48, plus $200 in transaction fees. June 1 Received a $0.25 per share cash dividend on the Royal Bank common shares. 17 Sold 2,300 Royal Bank common shares at $28.10. 30 Received interest on the Minco Inc. bond. Aug. 5 Received a $0.50 per share cash dividend on the Imperial Oil common shares. Sept. 1 Received a $0.275 per share cash dividend on the remaining Royal Bank common shares. 30 Received interest on the Minco Inc. bond. Dec. 31 Received interest on the Minco Inc. bond. On December 31, 2023, the fair values of the investments held by Safety Development Corporation were: Royal Bank, $28.60; Imperial Oil, $52.88; and BCE, $14.60. Assume the fair value and carrying value of the Minco Inc. bond were equal. Required: 1. Prepare an amortization schedule for the Minco Inc. bond showing only 2023. (Round your intermediate and final answers to the nearest whole dollar amount. Enter all the amounts as positive values.) Cash Interest Period Interest Income Discount Amort. Received Unamortized Discount Carrying Value Apr. 1/23 June 30/23 Sent 30/23

Module 8: Assignment 1 Saved Help Save & Exit Submit Jaiety Development strategic investments: orporation mau relatively large lule Cash Palances and invested them as follows in Securities to be held as non- 1 2023 Skipped Feb. 7 Purchased 3,300 common shares of Royal Bank at $27.60, plus $500 in transaction fees. 19 Purchased 2,300 common shares of Imperial Oil at $54.50, and paid $250 in transaction fees. Apr. 1 Paid $99,166 plus $500 in transaction fees for a 9.00%, four-year, $101,000 Minco Inc. bond that pays interest quarterly beginning June 30. The market rate of interest on this date was 9.40%. Sellers Corporation plans to hold this investment for the duration of the bond's contract life. May 26 Purchased 3,100 common shares of BCE at $14.48, plus $200 in transaction fees. June 1 Received a $0.25 per share cash dividend on the Royal Bank common shares. 17 Sold 2,300 Royal Bank common shares at $28.10. 30 Received interest on the Minco Inc. bond. Aug. 5 Received a $0.50 per share cash dividend on the Imperial Oil common shares. Sept. 1 Received a $0.275 per share cash dividend on the remaining Royal Bank common shares. 30 Received interest on the Minco Inc. bond. Dec. 31 Received interest on the Minco Inc. bond. On December 31, 2023, the fair values of the investments held by Safety Development Corporation were: Royal Bank, $28.60; Imperial Oil, $52.88; and BCE, $14.60. Assume the fair value and carrying value of the Minco Inc. bond were equal. Required: 1. Prepare an amortization schedule for the Minco Inc. bond showing only 2023. (Round your intermediate and final answers to the nearest whole dollar amount. Enter all the amounts as positive values.) Cash Interest Period Interest Income Discount Amort. Received Unamortized Discount Carrying Value Apr. 1/23 June 30/23 Sent 30/23

Corporate Financial Accounting
Corporate Financial Accounting
14th Edition
ISBN:9781305653535
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
ChapterD: Investments
Section: Chapter Questions
Problem D.1EX
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Module 8: Assignment 1 Saved Help Save & Exit Submit Jaiety Development strategic investments: orporation mau relatively large lule Cash Palances and invested them as follows in Securities to be held as non- 1 2023 Skipped Feb. 7 Purchased 3,300 common shares of Royal Bank at $27.60, plus $500 in transaction fees. 19 Purchased 2,300 common shares of Imperial Oil at $54.50, and paid $250 in transaction fees. Apr. 1 Paid $99,166 plus $500 in transaction fees for a 9.00%, four-year, $101,000 Minco Inc. bond that pays interest quarterly beginning June 30. The market rate of interest on this date was 9.40%. Sellers Corporation plans to hold this investment for the duration of the bond's contract life. May 26 Purchased 3,100 common shares of BCE at $14.48, plus $200 in transaction fees. June 1 Received a $0.25 per share cash dividend on the Royal Bank common shares. 17 Sold 2,300 Royal Bank common shares at $28.10. 30 Received interest on the Minco Inc. bond. Aug. 5 Received a $0.50 per share cash dividend on the Imperial Oil common shares. Sept. 1 Received a $0.275 per share cash dividend on the remaining Royal Bank common shares. 30 Received interest on the Minco Inc. bond. Dec. 31 Received interest on the Minco Inc. bond. On December 31, 2023, the fair values of the investments held by Safety Development Corporation were: Royal Bank, $28.60; Imperial Oil, $52.88; and BCE, $14.60. Assume the fair value and carrying value of the Minco Inc. bond were equal. Required: 1. Prepare an amortization schedule for the Minco Inc. bond showing only 2023. (Round your intermediate and final answers to the nearest whole dollar amount. Enter all the amounts as positive values.) Cash Interest Period Interest Income Discount Amort. Received Unamortized Discount Carrying Value Apr. 1/23 June 30/23 Sent 30/23
Transcribed Image Text:Module 8: Assignment 1 Saved Help Save & Exit Submit Jaiety Development strategic investments: orporation mau relatively large lule Cash Palances and invested them as follows in Securities to be held as non- 1 2023 Skipped Feb. 7 Purchased 3,300 common shares of Royal Bank at $27.60, plus $500 in transaction fees. 19 Purchased 2,300 common shares of Imperial Oil at $54.50, and paid $250 in transaction fees. Apr. 1 Paid $99,166 plus $500 in transaction fees for a 9.00%, four-year, $101,000 Minco Inc. bond that pays interest quarterly beginning June 30. The market rate of interest on this date was 9.40%. Sellers Corporation plans to hold this investment for the duration of the bond's contract life. May 26 Purchased 3,100 common shares of BCE at $14.48, plus $200 in transaction fees. June 1 Received a $0.25 per share cash dividend on the Royal Bank common shares. 17 Sold 2,300 Royal Bank common shares at $28.10. 30 Received interest on the Minco Inc. bond. Aug. 5 Received a $0.50 per share cash dividend on the Imperial Oil common shares. Sept. 1 Received a $0.275 per share cash dividend on the remaining Royal Bank common shares. 30 Received interest on the Minco Inc. bond. Dec. 31 Received interest on the Minco Inc. bond. On December 31, 2023, the fair values of the investments held by Safety Development Corporation were: Royal Bank, $28.60; Imperial Oil, $52.88; and BCE, $14.60. Assume the fair value and carrying value of the Minco Inc. bond were equal. Required: 1. Prepare an amortization schedule for the Minco Inc. bond showing only 2023. (Round your intermediate and final answers to the nearest whole dollar amount. Enter all the amounts as positive values.) Cash Interest Period Interest Income Discount Amort. Received Unamortized Discount Carrying Value Apr. 1/23 June 30/23 Sent 30/23
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