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Record the purchase of the bonds on July of the current year

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Question - Marcy's, Inc., operates nearly 850 Marcy's and Bloomington's department stores globally. The company does more than $24 billion in sales each year.

Assume that as part of its cash management strategy, Marcy's purchased $11.4 million in bonds at par for cash on July 1 of the current year. The bonds pay 11 percent interest annually, with payments on June 30 and December 31, and mature in 8 years. Marcy's plans to hold the bonds until maturity.

Required:

1. Record the purchase of the bonds on July 1 of the current year.

2. Record the receipt of interest on December 31 of the current year.

Reference no: EM132436213

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