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ACC 545 Week 3 Individual Assignment Jamona Corp. Scenario

ACC 545 Week 3 Individual Assignment Jamona Corp. Scenario
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On January 1, 2006, Jamona Corp. purchased 12% bonds, having a maturity value of $300,000, for $322,744.44. The bonds provide the bondholders with a 10% yield. They are dated January 1, 2006, and mature January 1, 2011, with interest receivable December 31 of each year. The company uses the effective-interest method to allocate unamortized discount or premium. The bonds are classified as available-for-sale. The fair value of the bonds at December 31 of each year is as follows:

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2006 – $320,500
2007 – $309,000
2008 – $308,000
2009 – $310,000
2010 – $300,000
The following information is available from Jamona’s inventory records

Units Unit Cost
January 1, 2007 (beginning inventory) 600 $ 8.00

Purchases:
January 5, 2007 1,200 9.00
January 25, 2007 1,300 10.00
February 16, 2007 800 11.00
March 26, 2007 600 12.00

A physical inventory on March 31, 2007, shows 1,600 units on hand. Select any one of the inventory methods (LIFO, FIFO, Average Cost, or others).

On July 6, Jamona Corp. acquired the plant assets of Berry Company, which had discontinued operations. The appraised value of the property is:

Land $ 400,000
Building 1,200,000
Machinery and equipment 800,000
Total $2,400,000

Jamona Corp. gave 12,500…

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