Gonzalez Company acquired $147,600 of Walker Co., 5% bonds on May 1 at their face amount. Interest is paid semiannually on May 1 and November 1. On November 1, Gonzalez Company sold $46,800 of the bonds for 96.
Journalize entries to record the following in Year 1:
For a compound transaction, if an amount box does not require an entry, leave it blank.
Homework Answers
| a | ||||
| May 1 | Investments-Walker Co. Bonds | 147600 | ||
| Cash | 147600 | |||
| b | ||||
| Nov 1 | Cash | 3690 | =147600*5%*6/12 | |
| Interest Revenue | 3690 | |||
| c | ||||
| Nov 1 | Cash | 44928 | =46800*0.96 | |
| Loss on Sale of Investments | 1872 | |||
| Investments-Walker Co. Bonds | 46800 | |||
| d | ||||
| Dec. 31 | Interest Receivable | 840 | ||
| Interest Revenue | 840 |
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