Jennifer Stack acquired $50,000 of Oldtown Corp. 9% bonds on July 1, 2008. The bonds were acquired
Question:
Jennifer Stack acquired $50,000 of Oldtown Corp. 9% bonds on July 1, 2008. The bonds were acquired at 92; interest is paid semiannually on March 1 and September 1. The bonds mature September 1, 2015. Stack’s books are kept on a calendar-year basis. On February 1, 2011, Stack sold the bonds for 97 plus accrued interest. Assuming straight-line amortization and no reversing entry at January 1, 2011, give the entry to record the sale of the bonds on February 1.
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2011 Feb 1 Interest Receivable 375 Interest Revenue 375 To recognize 1 months accrued interest 50000 ...View the full answer
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Related Book For 
Intermediate Accounting
ISBN: 978-0324592375
17th Edition
Authors: James D. Stice, Earl K. Stice, Fred Skousen
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