Question
On August 1, 2018, Crane Company acquired 1190, $1000, 8% bonds at 98 plus accrued interest. The bonds were dated May 1, 2018, and mature
On August 1, 2018, Crane Company acquired 1190, $1000, 8% bonds at 98 plus accrued interest. The bonds were dated May 1, 2018, and mature on April 30, 2024, with interest paid each October 31 and April 30. The bonds will be added to Cranes available-for-sale portfolio. The preferred entry to record the purchase of the bonds on August 1, 2018 is
| Debt Investments | 1166200 | |
| Interest Revenue | 23800 | |
| Cash | 1190000 |
| Debt Investments | 1166200 | |
| Interest Receivable | 23800 | |
| Cash | 1190000 |
| Debt Investments | 1190000 | |
| Interest Revenue | 23800 | |
| Discount on Debt Investments | 23800 | |
| Cash | 1190000 | |
| Debt Investments | 1190000 | |
| Cash | 1190000 |
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Complete Business Statistics
Authors: Amir Aczel, Jayavel Sounderpandian
7th Edition
9780071077903, 73373605, 71077901, 9780073373607, 77239695, 978-0077239695
