Kurtyka Ltd. had the following transactions relating to debt investments: Jan. 1 Purchased 50, 1,000, 12% Nordica
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Kurtyka Ltd. had the following transactions relating to debt investments:
Jan. 1 Purchased 50, £1,000, 12% Nordica Company bonds for £50,000. Interest is payable semiannually on January 1 and July 1.
July 1 Received semiannual interest from Nordica Company bonds.
July 1 Sold 30 Nordica Company bonds for £29,200.
(a) Journalize the transactions,
(b) Prepare the adjusting entry for the accrual of interest on December 31.
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a Jan 1 Debt Investments 50000 Cash 50000 July 1 Cash 3000 Interest Revenue 50000 12 612 300...View the full answer
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Related Book For 
Financial Accounting IFRS
ISBN: 978-1118285909
2nd edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
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