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2. Glover Corporation reported the following transactions relating to its held for trading investments: Jan 1 Purchased $100,000 Chandler Corporation 6% bonds for $104,000. Interest

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2. Glover Corporation reported the following transactions relating to its held for trading investments: Jan 1 Purchased $100,000 Chandler Corporation 6% bonds for $104,000. Interest is Jul 1 Received semi-annual interest on the Chandler Corporation bonds. Jul 2 Sold one-half of the Chandler Corporation bonds for $53,000 receivable semi-annually on July 1 and January 1. Instructions (a) Record the above transactions. (6) (b) Prepare the adjusting entry for the accrual of interest on December 31. (2)

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