On January 1, 2020, Brenner Company purchased at face value, a $1,000, 8% bond that pays interest on January 1. Brenner Company has a calendar year end. The adjusting entry on December 31, 2020, is a. not required. b. Cash Interest Revenue c. Interest Receivable Interest Revenue d. Interest Receivable Debt Investments Bay Company acquires 60, 8%, 5 year, $1,000 Community bonds on January 1, 2020 for $60,000. The journal entry to record this investment includes a debit to a. Debt Investments for $64,800. b. Debt Investments for $60,000. C. Cash for $60,000. d. Stock Investments for $60,000. 30. 31. Beak Corporation sells 200 shares of common stock being held as an investment. The shares were acquired six months ago at a cost of $25 a share. Beak sold the shares for $40 a share. The entry to record the sale is a. Cash 5,000 Loss on Sale of Stock Investments 3,000 Stock Investments 8,000 b. Stock Investments 8,000 Cash 8,000 c. Cash 8,000 Gain on Sale of Stock Investments 3,000 Stock Investments 5,000 d. Cash 8,000 Stock Investments 8,000 Mize Company owns 30% interest in the stock of Lyte Corporation. During the year, Lyte pays $20,000 in dividends to Mize, and reports $300,000 in net income. Mize Company's investment in Lyte will increase Mize's net income by a. $6,000. b. $90,000. c. $96,000. d. $10,000. 32. Mize Penny Company owns 30% interest in the stock of Lynn Corporation. During the year, Lynn pays $25,000 in dividends, and reports $200,000 in net income. Penny Company's investment in Lynn will increase by how much