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Entries for Investments in Bonds, Interest, and Sale of Bonds Torres Investments acquired $274,400 of Murphy Corp., 6% bonds at their face amount on October
Entries for Investments in Bonds, Interest, and Sale of Bonds Torres Investments acquired $274,400 of Murphy Corp., 6% bonds at their face amount on October 1, Year 1. The bonds pay interest on October 1 and April 1. On April 1, Year 2, Torres sold $72,800 of Murphy Corp. bonds at 105. Journalize the entries to record the following: Do not round interim calculations. Round final answers to nearest dollar. For a compound transaction, if an amount box does not require an entry, leave it blank. a. The initial acquisition of the Murphy Corp. bonds on October 1, Year 1. Year 1, Oct. 1 b. The adjusting entry for three months accrued interest earned on the Murphy Corp. bonds on December 31, Year 1. Year 1, Dec. 31 C. The receipt of semiannual interest on April 1, Year 2. Year 2, Apr. 1 d. The sale of $72,800 of Murphy Corp. bonds on April 1, Year 2, at 105. Year 2, Apr. 1
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