Apr. Purchased for cash $388,000 of Vasquez City 4% bonds at 100 plus accrued interest of $3,880. June 30 Received first semiannual interest payment. July 31 Sold $154,800 of the bonds at 96 plus accrued interest of $516. Aug. 1 Received face value of remaining bonds at their maturity. Required: Journalize the entries to record the above selected bond investment transactions for Beacon Trust. Refer to the chart of accounts for the exact
Apr. Purchased for cash $388,000 of Vasquez City 4% bonds at 100 plus accrued interest of $3,880. June 30 Received first semiannual interest payment. July 31 Sold $154,800 of the bonds at 96 plus accrued interest of $516. Aug. 1 Received face value of remaining bonds at their maturity. Required: Journalize the entries to record the above selected bond investment transactions for Beacon Trust. Refer to the chart of accounts for the exact
Financial Accounting
14th Edition
ISBN:9781305088436
Author:Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:Carl Warren, Jim Reeve, Jonathan Duchac
Chapter15: Investments And Fair Value Accounting
Section: Chapter Questions
Problem 4E
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