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What uml journal entry to record the sale would include a

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Reference no: EM132816064

Problem 1: On July 1, 2021, UMB issued $600,000 of 10% bonds, dated July 1. Interest is payable semiannually on June 30 and December 31. The entire bond issue was purchased by UML, Inc. UML had the positive intent and ability to hold the bonds until maturity. Due to unforeseen circumstances UML decided to sell its debt investment for $575,000 on January 1, 2023, at which time the bonds have an amortized cost of $585,000. UML's journal entry to record the sale would include a:

Multiple Choice

Option 1: Debit to investment in bonds for $600,000
Option 2: Credit to discount on bond investment for $15,000
Option 3: Debit to loss on sale of investment for $10,000
Option 4: Credit to cash for $575,000

Reference no: EM132816064

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