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Grouper Corp. prepares financial statements annually on December 31, its fiscal year end. The company follows IFRS. At December 31, 2020, the company has the account Investments in its general ledger, containing the following debits for investment purchases, and no credits: $ 36,600 100,000 Feb. 1,2020 Chiang Corp.common shares, no par value, 200 shares April 1 Government of Canada bonds, 6%, due April 1, 2030, interest payable April 1 and October 1, 100 bonds of $1,000 par value each July 1 Monet Corp. 12% bonds, par $48,000, dated March 1, 2020, purchased at 108 plus accrued interest to yield 11%, interest payable annually on March 1, due on March 1, 2037 Nov. 1 $58,000, six-month non-interest-bearing note that matures on May 1, 2021, bought to yield 10% 53,760 55.238 The fair values of the individual securities on December 31, 2020, were: Chiang Corp.common shares (active stock market price) $ 33,000 Government of Canada bonds 104,800 Monet Corp. bonds 56,000 Note receivable 57.800 Prepare the entries necessary to correct any errors in the Investments account, assuming that the Government of Canada bonds were being managed for their yield to maturity, and that the Monet bonds were acquired with the hope of gaining from falling interest rates. The Chiang Corp. shares were acquired with the hope of ensuring the supply of raw materials from this company in the future. Grouper tracks interest income for all debt investments. (Round answers to decimal places, eg,5,275. Credit account titles are automatically indented when the amount is entered. Do not Indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts.) Account Titles and Explanation Debit Credit -14 Prepare the entries required to record any accrued interest, amortization of any premium or discount, and recognition of fair values on December 31, 2020. (Round answer to decimal places, eg. 5,275. Credit account titles are automatically Indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts) Date Account Titles and Explanation Debit Credit Dec. 31 (To record accrued interest) Dec. 31 (To record fair value adjustment) During 2021, the following transactions took place: 1. The note was sold on February 1, 2021, for $57,609. 2. The Government of Canada bonds were sold on July 1, 2021, for $105,500 plus accrued interest. Prepare entries to record these transactions. (Round answer to decimal places, e... 5,275. Credit account titles are automatically Indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and entero for the amounts.) Date Account Titles and Explanation Feb. 1 Debit Credit (Amortize discount on note receivable) Feb. 1 V (Sale of note receivable) July. 1 (To record sale of bonds) Using the information from parts (a) and (b), assume that the note was not sold on February 1, 2021, but instead was held until it matured. Provide the proper entry to record the disposal of the note at maturity. (Round answer to decimal places, eg. 5,275. Credit account titles are automatically indented when the amount is entered. Do not Indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts.) Debit Credit Date Account Titles and Explanation May 1 (To record accrued interest earned) May 1 (To record maturity of note) Grouper Corp. prepares financial statements annually on December 31, its fiscal year end. The company follows IFRS. At December 31, 2020, the company has the account Investments in its general ledger, containing the following debits for investment purchases, and no credits: $ 36,600 100,000 Feb. 1,2020 Chiang Corp.common shares, no par value, 200 shares April 1 Government of Canada bonds, 6%, due April 1, 2030, interest payable April 1 and October 1, 100 bonds of $1,000 par value each July 1 Monet Corp. 12% bonds, par $48,000, dated March 1, 2020, purchased at 108 plus accrued interest to yield 11%, interest payable annually on March 1, due on March 1, 2037 Nov. 1 $58,000, six-month non-interest-bearing note that matures on May 1, 2021, bought to yield 10% 53,760 55.238 The fair values of the individual securities on December 31, 2020, were: Chiang Corp.common shares (active stock market price) $ 33,000 Government of Canada bonds 104,800 Monet Corp. bonds 56,000 Note receivable 57.800 Prepare the entries necessary to correct any errors in the Investments account, assuming that the Government of Canada bonds were being managed for their yield to maturity, and that the Monet bonds were acquired with the hope of gaining from falling interest rates. The Chiang Corp. shares were acquired with the hope of ensuring the supply of raw materials from this company in the future. Grouper tracks interest income for all debt investments. (Round answers to decimal places, eg,5,275. Credit account titles are automatically indented when the amount is entered. Do not Indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts.) Account Titles and Explanation Debit Credit -14 Prepare the entries required to record any accrued interest, amortization of any premium or discount, and recognition of fair values on December 31, 2020. (Round answer to decimal places, eg. 5,275. Credit account titles are automatically Indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts) Date Account Titles and Explanation Debit Credit Dec. 31 (To record accrued interest) Dec. 31 (To record fair value adjustment) During 2021, the following transactions took place: 1. The note was sold on February 1, 2021, for $57,609. 2. The Government of Canada bonds were sold on July 1, 2021, for $105,500 plus accrued interest. Prepare entries to record these transactions. (Round answer to decimal places, e... 5,275. Credit account titles are automatically Indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and entero for the amounts.) Date Account Titles and Explanation Feb. 1 Debit Credit (Amortize discount on note receivable) Feb. 1 V (Sale of note receivable) July. 1 (To record sale of bonds) Using the information from parts (a) and (b), assume that the note was not sold on February 1, 2021, but instead was held until it matured. Provide the proper entry to record the disposal of the note at maturity. (Round answer to decimal places, eg. 5,275. Credit account titles are automatically indented when the amount is entered. Do not Indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts.) Debit Credit Date Account Titles and Explanation May 1 (To record accrued interest earned) May 1 (To record maturity of note)

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