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1a) Dove Company purchased bonds with a face value of $100,000 issued by Rock Enterprises.
1a) Dove Company purchased bonds with a face value of $100,000 issued by Rock Enterprises. The bonds had a stated interest rate of 8%, a market rate of 6%, semiannual interest payments and were purchased on June 30, 2006, exactly three years before maturity date, at 105. DOVE classified the securities as available for sale and the market price on Dec 31, 2006 would be 104,400. Make the journal entries for Dec 31, 2006 (recording interest and valuation)b) BIBEX, Ltd purchased 40% of MINK, Inc in 2004. During 2006, MINK paid $50,000 in dividends and recorded net income of $120,000. Make the journal entries to record income and dividends.
