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On May 1, 20Y6, Dean Company purchased $200,00 Question 1 pt Bond Investment Transactions Journalire the...

Question:

On May 1, 20Y6, Dean Company purchased $200,00
Question 1 pt Bond Investment Transactions Journalire the entries to record the following selected bond investment transactio
Question 1 pt Bond Investment Transactions Journalire the entries to record the following selected bond investment transactions for Starks Products: For a compound transaction, If an amount box does not require an entry, leave it blank. a. Purchased for cash $108,000 of Iceline, Inc. 9% bonds at 100 plus accrued interest of $1,620, paying interest semiannually. b. Received first semiannual interest payment. c. Sold $72,000 of the bonds at 103 plus accrued interest of $820. Save and Exit Submit A nment for You must finish your in-progress quiz take before you can submit your assignment Cengage Learning Cengage Technical Support

Answers

a Investments-Iceline Inc. Bonds 108000
Interest Receivable 1620
       Cash 109620
b Cash 4860 =108000*9%/2
      Interest Receivable 1620
      Interest Revenue 3240
c Cash 74980 =(72000*1.03)+820
      Interest Revenue 820
      Gain on sale of investments 2160
      Investments-Iceline Inc. Bonds 72000
.

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