entries for investment in bonds, interest, and sale of bonds

Project Description:

sorrey company acquired $75,000 of clayton co., 6% bonds on april 1, 2014, at their face amount. interest is paid semiannually on april 1 and october 1. on october 1, 2014, sorrey company sold $25,000 of the bonds for 98.

journalize entries to record the following:
a. the initial acquisition of the bonds on april 1.
b. the semiannual interest received on october 1.
c. the sale of the bonds on october 1.
d. the accrual of $750 interest on december 31, 2014.
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Project Stats:

Price Type: Negotiable

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