Question: On April 3 , 2 0 2 4 , Mason Industries acquired $ 1 5 0 , 0 0 0 of the 5 % ,

On April 3,2024, Mason Industries acquired $150,000 of the 5%,8-year bonds issued by Larkspur Corporation, paying $141,500 for them. This purchase yields a 6% return with semi-annual interest payments occurring on April 1 and October 1. Although Mason Industries does not plan to hold the bonds until they mature, it intends to keep them beyond a year. As of December 31,2024, the market value of these bonds is $140,800. On February 1,2025, Mason Industries sells the bonds, including any accrued interest, for $145,600. Required: What journal entries should Mason Industries record in 2024 and 2025 to properly account for these transactions and report this investment on the year-end financial statements? Include journal entries for (a) the purchase, (b) the interest payment received in 2024, c) the year-end accruals for 2024,(d) the interest accrual on February 1,2025, and (e) the sale of the investment. please do a-e and make sure you show all work thank you

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