On April 30, 2016, Aggie Corporation purchased available-for-sale securities. These securities consisted of (a) Smith Corporation 10%,
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Question:
On April 30, 2016, Aggie Corporation purchased available-for-sale securities. These securities consisted of (a) Smith Corporation 10%, 5-year bonds with a face value 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.
Required:
Prepare the April 30 journal entry to record the purchase of these available-for-sale securities.
Related Book For
Intermediate Accounting Reporting and Analysis
ISBN: 978-1285453828
2nd edition
Authors: James M. Wahlen, Jefferson P. Jones, Donald Pagach
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