Question: PLEASE EXPLAIN HOW YOU GOT EACH ANSWER! THANK YOU!! Albright Company purchased as a long-term investment $500,000 of Benton Corporation 10-year, 10% bonds. Present entries

PLEASE EXPLAIN HOW YOU GOT EACH ANSWER! THANK YOU!!

Albright Company purchased as a long-term investment $500,000 of Benton Corporation 10-year, 10% bonds. Present entries to record the following selected transactions:

(a) Purchased bonds for $500,000 plus accrued interest of $1,000. (b) Received first semiannual interest payment. (c) Sold $250,000 of the bonds at 98 plus accrued interest of $1,000.

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