) Alpha Company purchased a $1,000, 5 years, 5% bond on July 1, 2015 for $950. Interest is paid annually on June 30. The straight line method of...

1.) Alpha Company purchased a $1,000, 5 years, 5% bond on July 1, 2015 for $950. Interest is paid annually on June 30. The straight line method of amortization is used for both premiums & discounts. Use this information to prepare the adjusting General Journal entry (without explanation) for the December 31, 2017. If no entry is required then write "No Entry Required."

2.)Alpha company purchased a bond investment on January 1, 2017. The bonds have a par of $10,000, pay interest at a 5% annual rate and have 5 years until maturity. What is the total Interest Income that will be reported over the life of the bond investment if the bonds were purchased at 103 and Alpha uses the straight line amortization method?

3.)On January 1, 2017, Alpha Company purchased a significant influence shares investment in the Bravo-Zulu Company for $250,000. This investment balance represents 30% of the equity of the Bravo-Zulu Company. During 2017, Bravo-Zulu Company reported Net Income of $25,000 on November 15, 2017 Bravo-Zulu Company paid cash dividends of $10,000 to its shareholders. Use this information to prepare the January 1, November 15 and December 31, 2017 General Journal entry (without explanation.) If no entry is required, then write "No Entry Required."

4.)On January 1, 2017, Alpha Company purchased a significant influence shares investment in the Bravo-Zulu Company for $250,000. This investment balance represents 25% of the equity of the Bravo-Zulu Company. During 2017, Bravo-Zulu Company reported Net Income of $25,000 on November 15, 2017 Bravo-Zulu Company paid cash dividends of $10,000 to its shareholders. Using this information, what are the FY 2017 balances in Alpha Company's account balances for:

           a. Investment in Bravo-Zulu

           b. Investment Income

5.)On January 2, 2017, Alpha Company purchased 10,000 shares of the stock of Zulu Company, and did not obtain significant influence. The investment is intended as a long-term investment. The stock was purchased for $10 per share, and represents a 10% ownership stake. Zulu Company made $25,000 of net income in 2017, and paid dividends of $10,000 on December 15, 2017. On December 31, 2017, Zulu Company's stock was trading on the open market for $12 per share at the end of the year. Use this information to determine the dollar amounts that should be reported by Alpha Company during 2017 for the following items:

           1. Dividend Income

           2. Unrealized Gain/Loss - OIC (If a loss, enter the amount with dollar sign inside of brackets)

           3. Available-for-Sales Securities

6.)The Common Stock account for Alpha Corporation on January 1, 2017 was $37,500. On June 1, 2017 Alpha issued an additional 2,500 shares of common stock. The Common Stock is $5 par. There was neither Preferred Stock nor any Treasury Stock, Paid in Capital Excess to par Common Stock was $10,000 on January 1 and $15,000 on June 2 and net income was $124,700. Use this information to determine for December 31, 2017 the amount of:

                    a. Total Stockholders Equity

                    b. Earnings per Share (rounded to the nearest penny)

7.) During all of fiscal year 2017, Alpha Corporation had outstanding 100,000 shares of $10 par common stock and 5,000 shares of noncumulative, $100 par value, 7% preferred stock. For 2017, Alpha Corporation had $230,000 income from continuing operations and $575,000 loss on discontinued operations; dividends were paid only to preferred shareholders. Use this information to determine how much Alpha Corporation should report for 2017 basic earnings (loss) per share for income (loss) from continuing operations. If it is a loss EPS then present the value in brackets.