On January 1, 2021, Downtown Industries purchased $8,000 of 4% JMK bonds at a price of 100
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On January 1, 2021, Downtown Industries purchased $8,000 of 4% JMK bonds at a price of 100 (par). Downtown intends to hold the bonds until their maturity date of January 1, 2024. The bonds pay interest semiannually on each January 1 and July 1. Record the initial purchase of the bonds on January 1, 2021, and the receipt of the interest on the first interest payment date of July 1, 2021.
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