Piper Corporation had the following transactions pertaining to debt investments: Jan. 1 Purchased (6010 %, $ 1,000)

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Piper Corporation had the following transactions pertaining to debt investments:

Jan. 1 Purchased $6010 \%, \$ 1,000$ Harris Co. bonds for $\$ 60,000$ cash plus brokerage fees of $\$ 900$. Interest is payable semiannually on July 1 and January 1.

July 1 Received semiannual interest on Harris Co. bonds.

July 1 Sold 30 Harris Co. bonds for $\$ 32,000$ less $\$ 400$ brokerage fees.

\section*{Instructions}

(a) Journalize the transactions.

(b) Prepare the adjusting entry for the accrual of interest at December 31

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Financial Accounting

ISBN: 9780471169208

2nd Edition

Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso

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Question Posted: Jun 14, 2024 01:14 AM

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Piper Corporation had the following transactions pertaining to debt investments: Jan. 1 Purchased (6010 %, $ 1,000)

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Financial Accounting

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