On January 1, 2014, GRL Inc -Prepare GRL's Journal Entries for Each of 2014, 2015 and $500,000

question 13

Essay

On January 1, 2014, GRL Inc. purchased, in U.S. Funds $500,000 of Bonds of the OBY Company. On that date, the Bonds were trading at par. These Bonds pay 10% interest annually each December 31. The Bonds mature on December 31, 2016. The following exchange rates were applicable between 2014 and 2016. The rates indicate the cost (in Canadian dollars) of purchasing 1 U.S. dollar:
$$\begin{array} { | l | l | } \hline \text { January } 1,2014 & \text { CDN } \$ 1.4666 \\\hline \text { Average rate for } 2014 & \text { CDN } \$ 1.4570 \\\hline \text { December } 31,2014 & \text { CDN } \$ 1.4726 \\\hline \text { Auerage rate for } 2015 & \text { CDN } \$ 1.4600 \\\hline \text { December } 31,2015 & \text { CDN } \$ 1.4426 \\\hline \text { Average rate for } 2016 & \text { CDN } \$ 1.4500 \\\hline \text { December } 31,2016 & \text { CDN } \$ 1.4575 \\\hline\end{array}$$
-Prepare GRL's journal entries for each of 2014, 2015 and 2016.

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Definitions:

Permanent Injunction

A court order prohibiting offending conduct.

Statutory Damages

A new remedy enabling a court to award damages that it “considers just” under the circumstances, without requiring proof of damage or lost profits.

Punitive Damages

Damages in excess of the plaintiff’s actual losses, intended to punish the wrongdoer for outrageous or extreme behaviour; also known as exemplary damages.

Enhanced Injunction

A more forceful or comprehensive court order to prevent an action or to impose conditions on certain behaviors.