Cardinal Paz Corp. carries an account in its general ledger called Investments, which contained debits for investment purchases, and no credits, with the following descriptions.
| Feb. 1, 2012 Don't use plagiarized sources. Get Your Custom Essay on for accountsguru only 495848 For $10/Page 0nly | Sharapova Company common stock, $104 par, 208 shares | $41,400 | ||
| April 1 | U.S. government bonds, 12%, due April 1, 2022, interest payable April 1 and October 1, 111 bonds of $1,000 par each | 111,000 | ||
| July 1 | McGrath Company 12% bonds, par $54,800, dated March 1, 2012, purchased at 104 plus accrued interest, interest payable annually on March 1, due March 1, 2032 | 59,184 |
Prepare the entry to record the accrued interest and the amortization of premium on December 31, 2012, using the straight-line method.(Round answers to 0 decimal places, e.g. $2,500. Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Interest Receivable
Debt Investment
Interest Revenue 8,754
The fair values of the investments on December 31, 2012, were:
| Sharapova Company common stock | $35,770 | |
| U.S. government bonds | 146,970 | |
| McGrath Company bonds | 68,160 |
What entry or entries, if any, would you recommend be made? (Round answers to 0 decimal places, e.g. $2,500. Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Fair Value Adjustment
Unrealized holding gain or loss- Equity
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