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India Inc., a public company, had the following transactions pertaining to debt investments held for trading purposes: Jan 1 Purchased 60,8%,$1,000 English Corp. bonds for

India Inc., a public company, had the following transactions pertaining to debt investments held for trading purposes: Jan 1 Purchased 60,8%,$1,000 English Corp. bonds for $60,000. Interest is payable semi-annually on July 1 and January 1 Jul 1 Received semi-annual interest on English Corp. bonds. 1 Sold 30 English Corp. bonds for $32,000. Dec31EnglishCorp.bondsweretradingat101. Instructions a) Journalize the transactions. b) Prepare the required adjusting journal entries at December 31

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