Chapter 10 question 1

Answer all the requirements please

Center Brook \& Co. owns vast amounts of corporate bonds. Suppose Center Brook buys $800,000 of MayaCorp bonds at face value on January 2, 2024. The MayaCorp bonds pay interest at Requirements the annual rate of 7% on June 30 and December 31 and mature on December 31, 2033. Center Brook intends to hold the investment until maturity 1. Journalize any required 2024 entries for the bond investment 2. How much cash interest will Center Brook receive each year from MayaCorp? 3. How much interest revenue will Center Brook report during 2024 on this bond investment? Requirement 1. Journalize any required 2024 entries for the bond investment. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Begin by journalizing Center Brook's investment on January 2, 2024