Prepare journal entries on january and dec

Assignment Help Accounting Basics

Reference no: EM132816437

On January 1,2020 Barone Company purchased as a trading investment 100 bonds face value $100 each, 8% bond for $10,000. The bond pays interest each January 1. The half of bond were sold on April 1, 2020 for $5,250 plus accrued interest. Interest has not been accrued since the last interest payment date. On Dec 31, fair value of bond is 102.

Instructions:

Question a. Prepare journal entries on January 1, April 1 and Dec 31, 2020

Question b. If Barone classify the investment as hold for collection, and didn't sale the investment on 1 April, prepare journal entries on January 1 and Dec 31, 2020

Reference no: EM132816437

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