You have been asked to provide the journal entries for each, Accounting Basics

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You have been asked to provide the journal entries for each

The company purchased a security at a discount on 1 January 2009.The face value of the security was $1,000,000 and the price paid on1 January 2009 was $967,000. There were no transaction costs. The security matured on 30 June 2009. The company isnot sure how to account for the instrument under the variousavailable classifications. You have been asked to provide the journal entries for each calendar month, commencing 1 January 2009 and ending 30 June2009, to record the security in accordance with AASB139 assuming that it is classified as:

a) Held-to-Maturity

b) At Fair ValueThrough Profit or Loss

c) Available-for-Sale (Note: the following information is provided to assist you with information you may need in responding to this question)

Effective Interest Rate		6.73%

Date	Cash Flow		Interest	Amortised Cost Balance	Fair Value
1/01/2007	-967,000.00			967,000.00	967,000.00
31/01/2007	0.00		5,423.39	972,423.39	971,881.99
28/02/2007	0.00		5,453.80	977,877.19	976,308.60
31/03/2007	0.00		5,484.39	983,361.58	981,884.90
30/04/2007	0.00		5,515.15	988,876.73	987,947.05
31/05/2007	0.00		5,546.08	994,422.81	994,198.24
30/06/2007	1,000,000.00		5,577.19	1,000,000.00	1,000,000.00

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Accounting Basics: You have been asked to provide the journal entries for each

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Accounting Basics: You have been asked to provide the journal entries for each

Reference No:- TGS0597472

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Accounting Basics: You have been asked to provide the journal entries for each

Reference No:- TGS0597472

Recent Questions Asked Accounting Basics

Q : Shop for 36 months before selling it revez would like the

Q : 1 the net charge through a cross section of a circuit

Q : At 80c the vapor pressures of pure liquids x y and z are

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Q : You have been asked to provide the journal entries for each

Q : The expiration date of the options are six months from now

Q : In a car collision the drivers body must change speed from

Q : In a swamped common-emitter bjt amplifier as shown below if

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