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What would the journal entry be for the following entires? 5. Ross invested in 5 -year, 10% bonds issued by Withers Corporation with a face
What would the journal entry be for the following entires?
5. Ross invested in 5 -year, 10% bonds issued by Withers Corporation with a face value of $11,000. The bonds were purchased on their issue date of January 1,2021 . The bonds were sold to yield 12%. The bonds pay interest semiannually on June 30 and December 31 . On December 31, 2023, the bonds were selling at 107 . Ross intends to hold these bonds to maturity due to their high yield. Record any journal entries needed for 2023. 6. On January 1,2023 , Ross invested $5,000 cash by purchasing 6% bonds issued by Hyland Corporation. The bonds were sold to yield 5%. The bonds pay interest semiannually on June 30 and December 31 . On December 31 , 2023 , the bonds were selling at 89 . Ross has no plans to sell the bonds at this time, but it is unlikely that they will be kept for their 10-year term. 7. Ross owns stock in the companies listed below. All of these stocks were purchased prior to 2023. During 2023, Ross received cash dividends from AX Tech totaling $7.00 per share. Ross intends to hold on to these stocks for several yearsStep by Step Solution
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