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Two questions related to Investments and International Operations. (Please include computations, Thank You!
Two questions related to Investments and International Operations. (Please include computations, Thank You!)
1) On January 1, 2015, Parsons Company purchased 84,000, 10 year, 7% government bonds at 100. The semi-annual interest payment dates are June 30 and December 31.
Journalize the February 1, 2016 sale of the bonds for $82,000 plus accrued interest for one month.
2)On January 2, Todd Company acquired 40% of the outstanding stock of McGuire Company for $205,000. For the year ending, December 31, McGuire earned income of $48,000 and paid dividends of $14,000.
Prepare the entries for Todd Company for the purchase of the stock, share of McGuire income and dividends received from McGuire.
