question archive Gaelic Industries Inc
Gaelic Industries Inc
Subject:AccountingPrice: Bought3
Gaelic Industries Inc. is an athletic footware company that began operations on January 1, 2016. The following transactions relate to debt investments acquired by Gaelic Industries Inc., which has a fiscal year ending on December 31:
2016
May 1. Purchased $75,000 of Avery Co. 7%, 15-year bonds at their face amount plus accrued interest of $875. The bonds pay interest semiannually on March 1 and September 1.
May 16. Purchased $60,000 of Clawhammer 6%, 10-year bonds at their face amount plus accrued interest of $150. The bonds pay interest semiannually on May 1 and November 1.
September 1. Received semiannual interest on the Avery Co. bonds.
September 30. Sold $30,000 of Avery Co. bonds at 98 plus accrued interest of $175.
November 1. Received semiannual interest on the Clawhammer bonds.
December 31. Accrued $1,050 interest on the Avery Co. bonds.
December 31. Accrued $600 interest on the Clawhammer bonds.
2017
March 1. Received semiannual interest on the Avery Co. bonds.
May 1. Received semiannual interest on the Clawhammer bonds.
