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Problem 17-1 (P17-1) Debt Securities

Problem 17-1 (P17-1) Debt Securities
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ACCOUNTING

ACC/423 (ACC423)
INTERMEDIATE FINANCIAL ACCOUNTING III
University of Phoenix (UoP)

Kieso, D. E., Weygandt, J. J., & Warfield, T. D. (2007).
Intermediate Accounting, (12th ed.) (13th Ed.)
Hoboken, NJ: John Wiley & Sons.

Week Three (Week 3) Chapter 17

Problem 17-1 (P17-1) (Debt Securities) Presented below is an amortization schedule related to Kathy Baker Company’s 5-year, $100,000 bond with a 7% interest rate and a 5% yield, purchased on December 31, 2004, for $108,660.

AND SO ON

Instructions
(a) Prepare the journal entry to record the purchase of these bonds on December 31, 2004, assuming the bonds are classified as held-to-maturity securities.
(b) Prepare the journal entry(ies) related to the held-to-maturity bonds for 2005.
(c) Prepare the journal entry(ies) related to the held-to-maturity bonds for 2007.
(d) Prepare the journal entry(ies) to record the purchase of these bonds, assuming they are classified as available-for-sale.
(e) Prepare the journal entry(ies) related to the available-for-sale bonds for 2005.
(f) Prepare the journal entry(ies) related to the available-for-sale bonds for 2007.

 

FILE: MS WORD

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