EXERCISE 10-22 SALE OF BOND INVESTMENT Jennifer Stack acquired $50,000 of Oldtown Corp. 9% bonds on July

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EXERCISE 10-22 SALE OF BOND INVESTMENT Jennifer Stack acquired $50,000 of Oldtown Corp. 9% bonds on July 1, 1999- The bonds were acquired at 92; interest is paid semiannually on March 1 and September 1. The bonds mature September 1, 2006. Stack's books are kept on a calendar-year basis. On February' 1, 2002, Stack sold the bonds for 97 plus accrued interest. Assuming straightline amortization and no reversing entr)' at Januar>^ 1, 2002, give the entr}' to record the sale of the bonds on Februarys 1. (Round to the nearest dollar)

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Intermediate Accounting

ISBN: 9780324013078

14th Edition

Authors: Fred Skousen, James Stice, Earl Kay Stice

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