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Good Morning, I need help with theassignment attached, thanks On April 1, 2018, West Company purchased $422,000 of 6.75% bonds for $438,630 plus accrued interest
Good Morning, I need help with theassignment attached, thanks
On April 1, 2018, West Company purchased $422,000 of 6.75% bonds for $438,630 plus accrued interest as an available-for-sale security. Interest is paid on July 1 and January 1 and the bonds mature on July 1, 2023. Prepare the journal entry on April 1, 2018. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit Apr. 1, 2018 SHOW LIST OF ACCOUNTS LINK TO TEXT The bonds are sold on November 1, 2019 at 103 plus accrued interest. Amortization was recorded when interest was received by the straight-line method. Prepare all entries required to properly record the sale. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Round answers to 0 decimal places, e.g. 5,275.) Account Titles and Explanation (To record amortization) (To record interest) Debit Credit (To record the sale of the bonds)Step by Step Solution
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