Question
Chopin Corporation had these transactions pertaining to debt investments: Jan.1Purchased 90 10%, $1,000 Martine Co. bonds for $90,000 cash. Interest is payable semiannually on July
Chopin Corporation had these transactions pertaining to debt investments:
Jan.1Purchased 90 10%, $1,000 Martine Co. bonds for $90,000 cash. Interest is payable semiannually on July 1 and January 1.July1Received semiannual interest on Martine Co. bonds.July1Sold 30 Martine Co. bonds for $32,000.
Instructions(a) Journalize the transactions.
(b) Prepare the adjusting entry for the accrual of interest at December 31.
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Fundamental Accounting Principles
Authors: John J Wild, Ken Shaw
25th Edition
1260247988, 978-1260247985
