Crop Tech Corp. manufactures farming equipment. Journalize the entries to record the following selected available-for-sale investment transactions
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Crop Tech Corp. manufactures farming equipment. Journalize the entries to record the following selected available-for-sale investment transactions completed by Crop during 2015. Crop Tech Corp. includes brokerage fees as part of the cost of investments.
Feb. 2. Purchased for cash $90,000 of 20-year, 8% Tronko Ltd. bonds at par plus accrued interest and a brokerage fee of $600. Interest is paid January 1 and July 1.
Jul. 1. Received interest on the Tronko Ltd. bonds.
Oct. 3. Sold $10,000 of the Tronko Ltd. bonds at 98 plus accrued interest, less brokerage fees of $250.
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Related Book For
Accounting Volume 2
ISBN: 978-0176509743
2nd Canadian edition
Authors: James Reeve, Jonathan Duchac, Sheila Elworthy, Carl S. Warren
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