Business College

What is the meaning of this question

Answers

Answer 1

Answer:

You either want someone to get points or there is no meaning to the quesiton

Explanation:

ummm... common sense :)

Related Questions

upstate bank is offering long-term certificates of deposit with a face value of $1000. bank customers can buy thece cds today for $67,000 and will receive the

Answers

Answer: 2.70%

Explanation:

Proper question is;

Upstate bank is offering long-term certificates of deposit with a face value of $100,000. Bank customers can buy these CDs today for $67,000 and will receive the $100,000 in 15 years. What interest rate is the bank paying on these CDs.

The formula to calculate rate is;

= (Future Value / Present Value) ^ 1/15 - 1

= (100,000 / 67,000) ^ 1/15 - 1

= 0.0270581026212

= 2.70%

On January 1, 2020, Ivanhoe Company purchased 12% bonds, having a maturity value $325,000 for $349,639.81. The bonds provide the bondholders or premium. The bonds are classified as available-for-sale category. The fair value of the bonds at December 31 of each year-end is as follows. 2020 $347,400 2023 $334,900 2021 $333,800 2024 $325,000 2022 $332,800 (a) Prepare the journal entry at the date of the bond purchase. (b) Prepare the joumal entries to record the interest revenue and recognition of fair value for 2020. (c) Prepare the journal entry to record the recognition of fair value for 2021. (Round answers to 2 decimal places, e.g. 2,525.25.

Answers

Answer:

a.                           Ivanhoe Company

                               Journal Entries

Date        Particulars and Explanation          Debit              Credit

1-Jan-20   Investment in Bond                   $325,000

                 Premium on bond investment $24,639.81  

                        To Cash                                                      $349,639.81

                 (Being investment in bond recorded)

b.                           Ivanhoe Company

                               Journal Entries

Date          Particulars and Explanation       Debit        Credit

31-Dec-20  Interest receivables                  $39,000

                          To Interest revenue                              $34,963.98

                           ($349,639.81*10%)

                           To Premium on bond investment        $4,036.02

                (Being revenue recognition for bond interest

                  and premium amortized)

31-Dec-20     Fair value adjustment              $1,796.21

                         To Unrealized holding gain or loss (OCI) $1,796.21

                          [$347,400 - ($349,639.81 - $4,036.02)]

                   (To record adjustment fair value)  

c.                             Ivanhoe Company

                               Journal Entries

Date            Particulars and Explanation          Debit        Credit

31-Dec-21     Unrealized holding gain or loss  $9,160.38  

                           To Fair value adjustments                        $9,160.38

                           ([$349,639.81 - $4,036.02 - $4,439.62  

                            + $1,796.21) - $333,800]

                     (To record adjustment fair value)

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