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Dizzy Monkey Case Study

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P 12-1
1. Prepare journal entry to record Fuzzy Monkey’s investment on January 1, 2011
2. Prepare the journal entry by Fuzzy Monkey to record interest on June 30, 2011 (at the effective rate).
3. Prepare the journal entries by Fuzzy Monkey to record interest on December 31, 2011 (at effective rate).
4. At what amount will Fuzzy Monkey report its investment in the December 31, 2011, balance sheet? Why?
5. How would Fuzzy Monkey’s 2011 statement of cash flows be affected by the investment?
Date Requirement Descriptions Amount in millions
January 1, 2011 1 Investments in bonds (face amount) $80 Discount on bond investment (difference) $14 Cash (price of bond) $66
January 30, 2011 2 Cash (4%×$80 million) $3.20 Discount on bond investment (difference) …show more content…

October 31 Cash 1.5 Investment Revenue 1.5
November 1 Investment in Holistic Entertainment Enterprises $18 Cash $18
November 1 Cash $28 Sale of investment loss $2 Investment in Kansas Abstractors Bonds $30
December 1 Household Plastics Corporation Bonds Investment $60 Cash $60
December 20 US Treasury Bonds Investment $5.6 Cash $5.6
December 21 Common shares of NXS Corporation $44 Cash $44
December 23 Cash $5.7 Gain on sale of investments $.1 US Treasury Bonds Investment $5.6
December 29 Cash $3 Investment Revenue $3
December 31 Household Plastics Corporation Investment revenue receivable $0.3 Holistic Entertainment Enterprises Investment revenue receivable $0.6 Investment revenue $0.9

Topic Date Description Debt in millions Credit in millions
Revaluations December 31 Net unrealized holding gains and losses $3 Fair Value Adjustment $3 Fair Value Adjustment $2 Net unrealized holding gains and losses $2
Closing entry Net unrealized holding gains and losses $2.0 Investment revenue $5.4 Gain on sale of investments $.1 Loss on sale of investment $2.0 Income summary $5.5 January 7, 2012 Cash $43 Loss on sale of investment $1 Investment in NXS common shares $44

P

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