Albright Company purchased as a long-term investment $500,000 of Benton Corporation 10-year, 9% bonds.: Purchased bonds...
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Albright Company purchased as a long-term investment $500,000 of Benton Corporation 10-year, 9% bonds.: Purchased bonds at their face amount for $500,000. Sold half the bonds at 98 plus accrued interest of $3,750. The broker deducted $200 for brokerage fees and taxes, remitting the balance. Journalize the above selected transactions. If an amount box does not require an entry, leave it blank. Mar. 1 Cash Mar. 1 May 1 May 1 Investments-Benton Corporation Bonds Albright Company purchased as a long-term investment $500,000 of Benton Corporation 10-year, 9% bonds.: Purchased bonds at their face amount for $500,000. Sold half the bonds at 98 plus accrued interest of $3,750. The broker deducted $200 for brokerage fees and taxes, remitting the balance. Journalize the above selected transactions. If an amount box does not require an entry, leave it blank. Mar. 1 Cash Mar. 1 May 1 May 1 Investments-Benton Corporation Bonds
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Here are the journal entries for the selected transactions 1 On March 1 when Al... View the full answer
Related Book For
Accounting for Governmental and Nonprofit Entities
ISBN: ?978-0073379609
15th Edition
Authors: Earl R. Wilson, Jacqueline L Reck, Susan C Kattelus
Posted Date:
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