Question
Wildhorse Corporation had the following transactions pertaining to debt investments. 1.Purchased409%, $1,600 Leeds Co. bonds for $64,000cash. Interest is payable annually on January 1, 2020.
Wildhorse Corporation had the following transactions pertaining to debt investments.
1.Purchased409%, $1,600 Leeds Co. bonds for $64,000cash. Interest is payable annually on January 1, 2020.
2.Accrued interest on Leeds Co. bonds on December 31, 2020.
3.Received interest on Leeds Co. bonds on January 1, 2021.
4.Sold30Leeds Co. bonds for $52,800 on January 1, 2021.
Journalize the transactions.(Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem. Round answers to 0 decimal places, e.g. 5,275.)
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