Sage Corp. carries an account in its general ledger called investments, which contained debits for...
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Accounting
Sage Corp. carries an account in its general ledger called investments, which contained debits for investment purchases, and no credits, with the following descriptions.
Feb, 1, 2025 Sharapova Company common stock, $90 par, 180 shares $35,820
April 1 US government bonds 10%, due April 1, 2035, interest payable April 1 and October 1. 108bonds of $1,000 par each 108,000
July 1 McGrath Compnay 12% bonds, par $50,000, dated March 1, 2025, purchased at 104 plus accrued interest, interest payable annually on March 1, 2045 $54,540
Prepare entries neccessary to classify the amounts into proper accounts, assuming that the debt securities are classified as available for sale. Sharapova 200,000 shares outstanding.
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