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Determine the interest earned by Todd Company

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Problem - Entries for investment in bonds, interest, and sale of bonds

On May 1, 2012, Todd Company purchased $66,000 of 5%, 12-year Lincoln Company bonds at par plus two months' accrued interest. The bonds pay interest on March 1 and September 1. On October 1, 2012, Todd Company sold $24,000 of the Lincoln Company bonds acquired on May 1, plus one month's accrued interest. On December 31, 2012, four months' interest was accrued for the remaining bonds.

Determine the interest earned by Todd Company on Lincoln Company bonds for 2012.

Reference no: EM132683672

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