Mercer Investments acquired $120,000 Jericho Corp., 6% bonds at par value on September 1, 2010. The bonds pay interest on September 1 and March 1. On March 1, 2011, Mercer sold $40,000 par value Jericho Corp. bonds at 102.
Journalize the entries to record the following:
(a) The initial acquisition of the Jericho Corp. bonds on September 1, 2010.
(b) The adjusting entry for 4 months of accrued interest earned on the Jericho Corp. bonds on December 31, 2010.
(c) The receipt of semiannual interest on March 1, 2011.
(d) The sale of $40,000 Jericho Corp. bonds on March 1, 2011, at 102.

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September 5, 2011

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