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Excel 2007

Acc423 Intermediate Accounting: P17-1 (Debt Securities) Presented below is an amortization schedule related to Spangler Company’s

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Acc423 Intermediate Accounting

Week 3 Assignment

 

P17-1 Debt Securities     

Presented below is an amortization schedule related to Spangler Company’s 5-year, $100,000 bond with a 7% interest rate and 5% yield, purchased on December 31, 2008, for $108,660.

Date    Cash Received            Interest Revenue         Bond Premium Amortization  Carrying Amount of Bonds

12/31/2008                                          108,660

12/31/2009      7,000   5.433   1.567   107,093

12/31/2010      7,000   5,354   1,646   105,447

12/31/2011      7,000   5,272   1,728   103,719

12/31/2012      7,000   5,186   1,814   101,905

12/31/2013      7,000   5,095   1,905   100,000

The following schedule presents a comparison of the amortized cost and fair value of the bonds at year-end.

12/31/2009      12/31/2010      12/31/2011      12/31/2012

Amortized Cost          107,093           105,447           103,719           101,905

Fair Value       106,500           107,500           105,650           103,000

 

Instructions:

(a) Prepare the journal entry to record the purchase of these bonds on December 31, 2008, assuming the bonds are classified as held-to-maturity securities.

(b) Prepare the journal entry(ies) related to the held-to-maturity bonds for 2009.

(c) Prepare the journal entry(ies) related to the held-to-maturity bonds for 2011.

(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 2009.

(f) Prepare the journal entry(ies) related to the available-for-sale bonds for 2011

 

 

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