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The following transactions relate to bondinvestments of Livermore Laboratories. The company's fiscal yearends on December 31. Livermore uses the straight-line method todetermine interest.2006July 1 Purchased $16 millionof Bracecourt Corporation 10% debentures, due in 20 years (June 30,2026), for $15.7 million. Interest is payable on January 1 and July1 of each year.Oct. 1 Purchased $30million of 12% Framm Pharmaceuticals debentures, due May 31, 2016,for $31,160,000 plus accrued interest. Interest is payable on June1 and December 1 of each year.Dec. 1 Receivedinterest on the Framm bonds.Dec. 31 Accruedinterest.2007Jan. 1 Received interest onthe Bracecourt bonds.June 1 Received interest onthe Framm bonds.July 1 Received interest onthe Bracecourt bonds.Sept. 1 Sold $15 million ofthe Framm bonds at 101 plus accrued interest.Dec. 1 Received interest onthe remaining Framm bonds.Dec. 31 Accruedinterest.2008Jan. 1 Received interest onthe Bracecourt bonds.Feb. 28 Sold the remainderof the Framm bonds at 102 plus accrued interest.Dec. 31 Accruedinterest.
Required:Prepare the appropriate journal entries for these long-termbond investments.
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