On September 1, 2018, WV, Inc., bought $60,000 of MD Printer’s 20-year, 6% bonds dated January 1, 2017, for $56,920 plus accrued interest. The bonds pay interest annually and are classified as held-to-maturity. On September 1, 2028, WV sold one-fourth of these bonds for $15,000 plus accrued interest. No entries relating to the bonds had been made since December 31, 2027. Straight-line amortization was used.
Required:
Record the sale of these bonds.

Answer rating: 100% (QA)

Debit cash by 20400 debit discount on bonds by 11333 and credit investment in bonds by 20000 and cre... View the full answer