Reference no: EM13950449
Recording estate principal and income. Laurel Rose has been the executrix of her brother's estate since his death on February 1, 20X6. The following events occurred during her administration:
1. Included in the principal assets were 40, $1,000, 8% City of Pittsburgh bonds paying inter- est on January 1 and July 1. The bonds had a fair value of 101 on February 1, 20X6. Laurel sold the bonds at 103, plus accrued interest, on March 1, 20X6.
2. On March 1, 20X6, Laurel purchased 50, $1,000, 5% City of Detroit bonds at 98, plus accrued interest. The bonds pay interest on April 1 and October 1. The bonds mature on April 1, 20X8.
3. On March 1, 20X6, she also purchased $10,000 (face value), 7% City of Newark bonds at 102 plus accrued interest. The bonds pay interest on June 1 and December 1. The bonds mature on December 1, 20X7.
4. On April 1, 20X6, she received a check for the interest on the Detroit bonds.
5. On June 1, 20X6, she received a check for the interest on the Newark bonds.
6. On September 1, 20X6, she sold the Detroit bonds at 101, plus accrued interest.
Prepare journal entries to record each of these events. Use the straight-line method of amortization where applicable.
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