Deming, Inc. acquired $250,000 of Mercury Co., 5% bonds on May 1 at their face value. Interest is paid semiannually on May 1 and November 1. On November 1, Deming Inc. sold $80,000 of the bonds for 98.

Journalize the entries to record the following: a. The initial acquisition of the bonds on May 1 b. The semiannual interest received on November 1. c. The sale of the bonds on November 1. d. The accrual of interest of $1,200 on December 31.