Suppose

Jenner and Sons

purchases

$600,000

of

4.5%

annual bonds of

McPhee

Corporation at face value on January 1,

2024.

These bonds pay interest on June 30 and December 31 each year. They mature on December 31,

2033.

Jenner

intends to hold the

McPhee

bond investment until maturity.

Read the

requirements

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.

Question content area bottom

Part 1

Requirement 1. Journalize

Jenner and Sons'

transactions related to the bonds for

2024.

(Record debits first, then credits. Select the explanation on the last line of the journal entry table.)

Begin by journalizing

Jenner and Sons'

investment on January 1,

2024.

Date	Accounts and Explanation	Debit	Credit
2024
Jan. 1

Part 2

Next, journalize the receipt of cash interest on June 30,

2024.

Date	Accounts and Explanation	Debit	Credit
2024
Jun. 30

Part 3

Journalize the receipt of cash interest on December 31,

2024.

Date	Accounts and Explanation	Debit	Credit
2024
Dec. 31

Part 4

Requirement 2. Journalize the entry required on the

McPhee

bonds maturity date. (Assume the last interest payment has already been recorded.) (Record debits first, then credits. Select the explanation on the last line of the journal entry table.)

Date	Accounts and Explanation	Debit	Credit
2033
Dec. 31