Question: Macys, Inc., operates over 850 Macys and Bloomingdales department stores nationwide. The company does more than $26 billion in sales each year. Assume that as

Macy’s, Inc., operates over 850 Macy’s and Bloomingdale’s department stores nationwide. The company does more than $26 billion in sales each year.
Assume that as part of its cash management strategy, Macy’s purchased $10 million in bonds at par for cash on July 1, 2010. The bonds pay 10 percent interest annually with payments each June 30 and December 31 and mature in 10 years. Macy’s plans to hold the bonds until maturity.

Required:
1. Record the purchase of the bonds on July 1, 2010.
2. Record the receipt of interest on December 31, 2010.

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