What entry should mccellen make to record purchase

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Reference no: EM1377402

On 1^st August, 2004, the McCellen Company acquired $100,000, 8 percent bonds of Lankford Co. for $104,000 plus accrued interest. The bonds were dated 1^st August, 2004, and mature on 31^st July, 2009, with interest payable each January 31 and July 31. McCellen plans on holding the bonds until their maturity.

What entry should McCellen make to record purchase of the bonds on 1^st August, 2004?

Reference no: EM1377402

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