Anglin Corporation has excess cash to invest and pays $200,000 to buy 7%, five-year bonds of Richmond Corporation, at face value, on June 30, 2016
The bonds pay interest on June 30 and December 31. Anglin intends to hold the bonds to maturity. The bonds are disposed of, at face value, on June 30, 2021.
Prepare the journal entry for June 30, 2016 (omit the explanation).
What will be an ideal response
2016
June 30 Long-term Investments — Held-to-Maturity 200,000
Cash 200,000
You might also like to view...
Refer to Figure 11.1. Suppose the exchange rate is $.70 per franc. At this exchange rate, there is an ____ of francs which leads to a ____ in the dollar price of the franc, a(n) ____ in the quantity of francs supplied, and a(n) ____ in the quantity of francs demanded.
a. excess demand, rise, increase, decrease b. excess demand, rise, decrease, increase c. excess supply, fall, decrease, increase d. excess supply, fall, increase, decrease
Deontology considers the consequences of individual actions
Indicate whether the statement is true or false
A(n) ________ is the level of expected performance for a given goal: a target that establishes a desired performance level, motivates performance, and serves as a benchmark against which actual performance is assessed.
A. asset B. standard C. audit D. liability E. balance sheet
If actual volume is smaller than the budgeted or expected volume, then a favorable volume variance will occur.
Answer the following statement true (T) or false (F)