Question
On May 1, MAR Co. purchased 4-year, $100,000 5% bonds at par with $3,662.74 commission fee. The bonds pay interest on May 1 and November
On May 1, MAR Co. purchased 4-year, $100,000 5% bonds at par with $3,662.74 commission fee. The bonds pay interest on May 1 and November 1. On December 31, which is MARs fiscal year end, the bonds were traded at 101. MAR sold all bonds on March 1 at 103 plus accrued interest. The bonds are classified as FV-OCI. Prepare journal entries on May 1, Nov 1 and Dec 31.
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Attorneys IRS Audit Technique Guide
Authors: Internal Revenue Service
1st Edition
1304112918, 978-1304112910
