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I need help with the answer Gain on sale of investments. (I will leave a rating) Bond Investment Transactions Journalize the entries to record
I need help with the answer " Gain on sale of investments". (I will leave a rating)
Bond Investment Transactions Journalize the entries to record the following selected bond investment transactions for Starks Products: For a compound transaction, if an amount box does not require an entry, leave it blank. a. Purchased for cash $114,000 of Iceline, Inc. 7% bonds at 100 plus accrued interest of $1,330, paying interest semiannually. Investments-Iceline, Inc. Bonds 114,000 Interest Receivable 1,330 Cash 115,330 Feedback Check My Work b. Received first semiannual interest payment. 3,990 Cash Interest Receivable V 1,330 Interest Revenue 2,660 Feedback c. Sold $76,000 of the bonds at 103 plus accrued interest of $870. Cash 79,150 Interest Revenue 870 Gain on Sale of Investments 280 Investments-Iceline, Inc. Bonds 76,000 FeedbackStep by Step Solution
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