Posted: October 4th, 2023

ACC 303/503 HOMEWORK #1 (Y)

ACC 303/503HOMEWORK #1 (Y)1. The Janjua Company had the following account balances at 1/1/16:Common StockTreasury Stock (at cost)Paid-in-Capital in Excess of ParInvestments in AFS Equity SecuritiesFVA (AFS)Retained Earnings$75,00015,000150,00035,0001,500 debit25,000On that date, the Accumulated OCI account was at its proper balance.There were no sales or purchases of Common Stock of Investments during 2016. Prior to any adjustingjournal entries related to the investments, 2016 Net Income was $7,600. No other transactionsaffecting Retained Earnings occurred. Fair Value of the Investments at 12/31/2016 was $33,700.Required:(a) Prepare the 12/31/16 journal entry to adjust the investment to fair value.(b) Prepare the 12/31/16 Equity section of the balance sheet.2. The following information relates to the debt securities investments of Kiran Company during 2016:a. January 1: The company purchased 9% bonds of Tempe Co. having a par value of $150,000 at 101plus accrued interest. Interest is payable March 1 and September 1. Maturity date is 9/1/17b. March 1: Semiannual interest is received and amortization is updated.c. July 1: 8% bonds of Flagstaff were purchased. The bonds had a par value of $72,000 and werepurchased at 97 plus accrued interest. Interest dates are May 1 and November 1. Maturity date is11/1/17.d. September 1: Semiannual interest is received and amortization updated for the Tempe bonds.e. November 1: Semiannual interest is received and amortization updated for the Flagstaff bonds.f.December 31: Interest is accrued and amortization updated for both set of bonds.Required:a) Prepare journal entries for all dates. Present journal entries for the Tempebonds (a, b, d, f), then journal entries for the Flagstaff bonds (c, e, f). Noexplanations or supporting computations are required. Use straight-lineamortization. When computing amortization, round the monthlyG:Fac_supportBERSCHBKACC_303_503HomeworkACC_303_503_homework_1_Y online.docx4/12/2016amortization amounts to the nearest cent. However, journal entry amountscan be rounded to the nearest dollar.SUBMISSION INFORMATION:Submit the assignment in Excel using one page. Include your Name, Date, ACC Course, andHomework #1 in the upper left corner.Submit your assignment through the upload feature within Moodle. Assignments should not beemailed to the instructor. PLEASE BE SURE YOUR ASSIGNMENT IS ACTUALLY SUBMITTED ANDNOT IN “DRAFT” STATUS. There is a requirement to click a box to acknowledge the submissionis your original work to complete the submission process.G:Fac_supportBERSCHBKACC_303_503HomeworkACC_303_503_homework_1_Y online.docx4/12/2016

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