Reference no: EM131265172
1. Tempest Co. purchased 60, 6% Urich Company bonds for $60,000 cash. Interest is payable semiannually on July 1 and January 1. If 30 of the securities are sold on July 1 for $32,000, the entry would include a credit to Gain on Sale of Debt Investments for
$1,600.
$2,000.
$1,750.
$1,800.
2. Martinez Corporation issues 2,000, 10-year, 8%, $1,000 bonds dated January 1, 2014, at 98. The journal entry to record the issuance will show a
debit to Cash for $1,960,000.
credit to Bonds Payable for $2,040,000.
credit to Discount on Bonds Payable for $40,000.
debit to Cash of $2,000,000.
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: Tempest Co. purchased 60, 6% Urich Company bonds for $60,000 cash. Interest is payable semiannually on July 1 and January 1. If 30 of the securities are sold on July 1 for $32,000, the entry would include a credit to Gain on Sale of Debt Investments ..
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