Justin Corporation had these transactions pertaining to debt investments: Jan. 1 Purchased 90 10%, $1,000 Graham Co.

Question:

Justin had these transactions pertaining to debt investments:
Jan. 1 Purchased 90 10%, $1,000 Graham Co. bonds for $90,000 cash plus brokerage fees of $1,200. Interest is payable semiannually on July 1 and January 1.
July 1 Received semiannual interest on Graham Co. bonds.
July 1 Sold 30 Graham Co. bonds for $32,000 less $400 brokerage fees.
Instructions
(a) Journalize the transactions.
(b) Prepare the adjusting entry for the accrual of interest at December 31.

Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...