Ch. 15 Transactions for Bond (Held-to-Maturity) Investments

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Transactions for Bond (Held-to-Maturity) Investments Rekya Mart Inc. is a general merchandise retail company that began operations on January 1, 20Y5. The following are bond (held to maturity) transactions by Rekya Mart Inc., which has a fiscal year ending on December 31 2015 Apr. 1 Purchased $78,000 of Smoke Bay 4%, 10-year bonds at their face amount plus accrued interest of $520. The bonds pay interest semiannually on February 1 and August 1. Purchased: 78,000 Percentage: 4% Years: 10 Accrued Interest: 520 Apr. 1 Investments - Smoke Bay Bond Interest Receivable Cash 78,000 520 78,520 May. 16 Purchased $98,000 of Geotherma Co.6%, 12-year bonds at their face amount plus accrued interest of $245. The bonds pay interest semiannually on May 1 and November 1. Purchased: 98,000 Percentage: 6% Years: 12 Accrued Interest: 245 May. 16 Investments - Geotherma Co. Bond Interest Receivable Cash 98,000 245 98,245 Aug. 1 Received semiannual interest on the Smoke Bay bonds. Aug, 1 1,560 Cash Interest Receivable Interest Revenue 520 1,040 Sep. 1 Sold $31,200 of Smoke Bay bonds at 104 plus accrued interest of $1 Sold: 31,200 at: 104% Accrued Interest: 104 Sales Price: Proceeds on Sale: : Loss on Sale: 32,448 32,552 (1,248) Sep. 1 32,552 Cash Interest Revenue Gain on Sale of Investment Investments - Smoke Bay Bonds 104 1,248 31,200 Nov. 1 Received semiannual interest on the Geotherma Co. bonds. Nov. 1 2,940 Cash Interest Receivable Interest Revenue 245 2,695 Dec. 31 Accrued interest on the Smoke Bay bonds. Dec. 31 Interest Receivable Interest Revenue Dec. 31 Accrued interest on the Geotherma Co. bonds. Interest Receivable Interest Revenue 2046 Feb. 1 Received semiannual interest on the Smoke Bay bonds. Feb. 1 936 Cash Interest Recievable Interest Revenue 0 936 May. 01 Received semiannual interest on the Geotherma Co. bonds. 2,940 May. 01 Cash Interest Recievable Interest Revenue 2,940