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2 years ago

Set up abs solve an equation for the following business situation

1 answer:

3 0

The number of times each was sold, i.e., regular keyboards and wireless keyboards are sold are 15 and 45 times respectively for the business situation.

<h3>How many of each keyboard was sold?</h3>

Let us assume the number of sales times as "m"

Given information:

Price of regular keyboards = $83

Price of wireless keyboard = $113

The equation to find out the number of times sales

⇒ $83(3m)+115(m) = 5460$ was

⇒ $249m+115m=5460$

⇒ $364m = 5460$

⇒ $m=15$

⇒ $3(15) = 45$

$\text{PC sold 42 regular keyboards and 14 wireless keyboards}$

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On January 1, 2020, Oriole Company purchased 12% bonds, having a maturity value of $320,000 for $344,260.74. The bonds provide t

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face value $320,000, coupon rate 12%

current market value $344,260.74, effective interest rate 10%

maturity in 5 years, coupon paid yearly

(a) Prepare the journal entry at the date of the bond purchase.

Dr Investment in bonds (AFS) 320,000

Dr Premium on investment in bonds (AFS) 24,260.74

Cr Cash 344,260.74

(b) Prepare the journal entries to record the interest revenue and recognition of fair value for 2020.

unamortized premium = ($320,000 x 12%) - ($344,260.74 x 10%) = $38,400 - $34,426.07 = $3,973.93

Journal entry to record accrued interests:

Dr Interest receivable - investment in bonds (AFS) 38,400

Cr Interest revenue 34,426.07

Cr Premium on investment in bonds (AFS) 3,973.93

Journal entry to record recognition of fair value 2020

fair market value $342,000 - $340,286.81 (carrying value) = $1,713.19

Dr Fair value adjustment - equity 1,713.19

Cr Unrealized gain on investment in bonds bonds (AFS) 1,713.19

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