Reference no: EM132879214
Problem - Entries for investment in bonds, interest, and sale of bonds
Afton Co. purchased $24,000 of 4%, 10-year Davis County bonds on July 12, 2012, directly from the county at par value. The bonds pay semiannual interest on May 1 and November 1. On December 1, 2012, Afton Co. sold $6,000 of the Davis County bonds at 98 plus $20 accrued interest, less a $100 brokerage commission.
Provide the journal entries for:
a. the purchase of the bonds on July 12, plus 72 days of accrued interest.
b. semiannual interest on November 1.
c. sale of the bonds on December 1.
d. adjusting entry for accrued interest of $120 on December 31, 2012.
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: Afton Co. purchased $24,000 of 4%, 10-year Davis County bonds on July 12, 2012, Provide the journal entries for the purchase of the bonds
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