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The Ashley Corporation purchased $600,000 of 4%, 5-year bonds at 97 on January 1, 2014. Interest is to be paid semiannually on January 1 and July 1. This is a held-to-maturity investment. This company uses the straight-line method to amortize any premiums or discounts. What was the purchase price of these bonds?

A. $600,000
B. $540,000
C. $582,000
D. $618,000

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The Ashley Corporation purchased $600,000 of 4%, 5-year bonds at 97 on January 1, 2014. Interest is to be paid semiannually on January 1 and July 1. This is a held-to-maturity investment. This company uses the straight-line method to amortize any premiums or discounts.What is the amount of Interest Revenue recorded on July 1, 2014?

A. $24,000
B. $13,800
C. $10,200
D. $12,000

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The Ashley Corporation purchased $600,000 of 4%, 5-year bonds at 97 on January 1, 2014. Interest is to be paid semiannually on January 1 and July 1. This is a held-to-maturity investment. This company uses the straight-line method to amortize any premiums or discounts.What is the carrying amount of the bond on July 1, 2014?

A. $583,800
B. $582,000
C. $580,200
D. $600,000

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Which statement regarding “available-for-sale investments” is true?

Available for sale investments generally comprise up to 20%, but not including 20%, ownership.
B. If the business plans to sell the investments within a year, they are classified as long-term investments.
C. Both A and B are true.
D. Neither A nor B is true.

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When an available for sale investment is sold:

A. a realized gain or loss cannot be recorded.
B. the amount of the realized gain or loss is the difference between the amount received and the cost of the investment.
C. a realized gain or loss is reported as an expense on the Income Statement.
D. all of the above occur.

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A. $600,000 B. $540,000 C. $582,000 D. $618,000

Which statement regarding “available-for-sale investments” is true?

When an available for sale investment is sold:

A. $600,000
B. $540,000
C. $582,000
D. $618,000