The bonds pay semiannual interest on may 1 and november 1

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Reference no: EM13581206

Lance Co. purchased $24,000 of 8%, 15-year Bergen 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, Lance Co. sold $12,000 of the Bergen County bonds at 102 plus $80 accrued interest, less a $265 brokerage commission. For a compound transaction, if an amount box does not require an entry, leave it blank or enter "0". Assume a 360-day year.

Reference no: EM13581206

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