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Whitmore Corporation had the following transactions pertaining to debt and stock investment transactions during calendar year 2020. Purchased 50, 10%, $1,000 Lawton Company bonds for
Whitmore Corporation had the following transactions pertaining to debt and stock investment transactions during calendar year 2020. Purchased 50, 10%, $1,000 Lawton Company bonds for $50,000. The bonds pay interest semi-annually on Jan 1 and July 1. Jan 1 Purchased 700 shares of Shaw Company stock for $9,415. Mar 1 Received semi-annual interest on the Lawton Company bonds. July 1 Sold 20 Lawton Company bonds for $19,000. July 1 Received cash dividends of $0.50 per share on the Shaw Company stock. July 15 Sold 400 shares of the Shaw Company stock for $5,900 Cash. Oct 10 Accrue the semi-annual interest on the Lawton Company bonds Dec 31 Shaw Company declared a $.50 per share dividend, payable Jan 15, 2021 Dec 31 Prepare journal entries for the above transactions Instructions
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