c. Sold $64,000 of the bonds at 103 plus accrued interest of $730. Cash ...
c. Sold $64,000 of the bonds at 103 plus accrued interest of $730.
| Cash | ||
| Interest Revenue | ||
| Gain on sale of investments | ||
| Investments-Iceline, Inc. Bonds |
Homework Answers
Journal Entry:
| Account title | Debit | Credit |
| Cash | $66,650 | |
| Interest revenue | $730 | |
| Gain on sale of investments | $1,920 | |
| Investments-Iceline, Inc. Bonds | $64,000 | |
| [To record sale of bonds] |
Calculations:
i.Cash received = ($64,000 x 1.03) + $730
=$65,920 + $730
=$66,650
ii. Gain on sale of investments:
| Cash received | $66,650 |
| (Less): Interest revenue | ($730) |
| (Less): Investments-Iceline, Inc. Bonds | ($64,000) |
| Gain on sale of investments | $1,920 |
Add Answer to:
c.
Sold $64,000 of the bonds at 103 plus accrued interest of $730.
Cash
...
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