Bond Investment Transactions

Journalize the entries to record the following selected bond investment transactions for Starks Products:

For a compound transaction, if an amount box does not require an entry, leave it blank.

a. Purchased for cash $72,000 of Iceline, Inc. 8% bonds at 100 plus accrued interest of $960, paying interest semiannually.

b. Received first semiannual interest payment.

c. Sold $48,000 of the bonds at 103 plus accrued interest of $550.