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Wittaker Inc., a public company, had the following transactions: Jan 1 Purchased 30, 8%, $1,000 Connect Inc. bonds for $32,000. Interest is payable semi-annually on

Wittaker Inc., a public company, had the following transactions:

Jan 1 Purchased 30, 8%, $1,000 Connect Inc. bonds for $32,000. Interest is payable semi-annually on July 1 and January 1. Wittaker Inc. classified these bonds as held for trading investments.

Jul 1 Received semi-annual interest on Connect Inc. bonds.

1 Sold 22 Connect Inc. bonds for $28,000.

Dec 31 Connect Inc. bonds were trading at 97.

Instructions

a) Journalize the transactions.

b) Prepare the required adjusting journal entries at December 31.

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