On September 1, 2018, WV, Inc., bought $60,000 of MD Printers 20-year, 6% bonds dated January 1,
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Question:
On September 1, 2018, WV, Inc., bought $60,000 of MD Printer’s 20-year, 6% bonds dated January 1, 2017, for $56,920 plus accrued interest. The bonds pay interest annually and are classified as held-to-maturity. On September 1, 2028, WV sold one-fourth of these bonds for $15,000 plus accrued interest. No entries relating to the bonds had been made since December 31, 2027. Straight-line amortization was used.
Required:
Record the sale of these bonds.
Related Book For
Financial and Managerial Accounting the basis for business decisions
ISBN: 978-1259692406
18th edition
Authors: Jan Williams, Susan Haka, Mark Bettner, Joseph Carcello
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