Refer to the information in RE15 1 Assume that on June 30, Aggie Corporation received interest on the Smith Corporation bonds, as well as a $1 dividend per share interest on the Bike Company stock Prepare the June 30 journal entries to record the receipt of the interest and the receipt of the divid...

Refer to the information in RE15-1. Assume that on June 30, Aggie Corporation received interest on the

Question:

Refer to the information in RE15-1. Assume that on June 30, Aggie received interest on the Smith bonds, as well as a $1 per share interest on the Bike Company stock. Prepare the June 30 journal entries to record the receipt of the interest and the receipt of the dividends.
In RE 15-1, On April 30 of Year 1, the Aggie purchased available-for-sale securities. These securities consisted of (a) Smith 10%, five-year bonds with a of $12,000, which were purchased at par plus four months of accrued interest and (b) 300 shares of Bike Company common stock, which were purchased at $20 per share. Prepare the April 30 journal entry to record the purchase of these available-for-sale securities.

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... Dividend
A dividend is a distribution of a portion of company’s earnings, decided and managed by the company’s board of directors, and paid to the shareholders. Dividends are given on the shares. It is a token reward paid to the shareholders for their... Face Value
Face value is a financial term used to describe the nominal or dollar value of a security, as stated by its issuer. For stocks, the face value is the original cost of the stock, as listed on the certificate. For bonds, it is the amount paid to the...