Acc 545 Week 3 Individual Assignment Jamona Corp. Scenario

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ACC 545 Week 3 Individual Assignment Jamona Corp. Scenario
•     Review the following information:


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:

•     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...