Float Corporation had the following transactions pertaining to debt investments.Jan. 1 Purchased 100 8%, $1,000 Qaiz Co. bonds for $100,000 cash plus brokerage
fees of $1,800. Interest is payable semiannually on July 1 and January 1.July 1 Received semiannual interest on Qaiz Co. bonds.July 1 Sold 60 Qaiz Co. bonds for $68,000 less $1,000 brokerage fees.
Required:
a) Journalize the transactions.
b) Prepare the adjusting entry for the accrual of interest at December 31.