Derne the yeer ended Decemioer 31, 2024, ind po Corperation a pubic c.pdf

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Derne the yeer ended Decemioer 31, 2024, ind po Corperation a pubic compary, had the dollowene trancactiors refiend to Ake. 1 soid 14018 Fouminn vares it 547 des share. 1. sida the cat pohati hor sige geo (ia) intries (To record sale of imestment) During the year ended December 31, 2024, Indigo Corporation, a public company, had the following transactions related to investments held for trading purposes: Feb. 1 Purchased 615 IBF common shares for $27,675. Mar. 1 Purchased 1,440 Raimundo common shares for $44,640. Apr. 1 Purchased $201,000 of CRT 5% bonds at par, Interest is payable semi-annually on April 1 and October 1. July 1 Recelved a cash dividend of $1.00 per share on the IBF common shares. Aug. 1 Sold 210 IBF commonshares at $49 per share. Oct. 1 Received the semi- annual interest on the CRT bonds. 1 Sold the CRT bonds for $206,000. Dec 31 The fair values of the IBF and Raimundo common shares were $51 and $27 per share, respectively. (Collection of interest revenue.) (To record sale of investment.).

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anner-UNF Corporation acquired as a long-term investment $360 million of 8.0% bonds, dated July 1, on July 1, 2024. Company tanagement has the positive intent and ability to hold the bonds until maturity. The market interest rate (yield) was 10\% for bonds of imilar risk and maturity. Tanner-UNF paid $330.0 million for the bonds. The company will recelve interest semiannually on June 30 nd December 31. As a result of changing market conditions, the fair value of the bonds at December 31,2024, was $340.0 million. tequired: \& 2. Prepare the journal entry to record Tanner-UNF's investment in the bonds on July 1, 2024 and interest on December 31,2024, the effective (market) rate. 3. At what amount will Tanner-UNF report its investment in the December 31, 2024, balance sheet? 4. Suppose Moody's bond rating agency downgraded the risk rating of the bonds motivating Tanner-UNF to sell the investment on January 2,2025 , for $320.0 million. Prepare the journal entry to record the sale. Complete this question by entering your answers in the tabs below. Prepare the journai cntry to record Tanner-UNF's investment in the bonds on July 1, 2024 and interest on December 31, 2024, at the effective (market) rate. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round Intermediate calculations. Enter your answers in millions rounded to 1 decimal place, (l.e., 5,500,000 should be entered as 5.5). Journal entry worksheet Record Tanner- UNF's investment in the bonds on July 1, 2024. Note: Enter debits before credits. Journal entry worksheet Tanner-UNF Corporation acquired as a long-term investment $360 million of 8.0% bonds, dated July 1 , on July 1 , 2024 . Compa management has the positive intent and ability to hold the bonds until maturity. The market interest rate (yieid) was 10% for bo similar risk and maturity. Tanner-UNF paid $330.0 million for the bonds. The company will receive interest semiannually on Jun and December 31. As a result of changing market conditions, the fair value of the bonds at December 31,2024, was $340.0 mil Required: 1. \& 2. Prepare the journal entry to record Tanner-UNF's investment in the bonds on July 1, 2024 and interest on December 31 , at the effective (market) rate. 3. At what amount will Tanner-UNF report its investment in the December 31, 2024, balance sheet? 4. Suppose Moody's bond rating agency downgraded the risk rating of the bonds motivating Tanner-UNF to sell the investment January 2, 2025, for $320.0 million. Prepare the journal entry to record the sale. Complete this question by entering your answers in the tabs below. At what amount will Tanner-UNF report its investment in the December 31, 2024, balance sheet? Note: Enter your answer in millions rounded to 1 decimal place, (1.e, 5,500,000 should be entered as 5.5), Do not round intermediate calculations. Journal entry worksheet Prepare any journal entry needed to adjust the investment to fai.

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