On april 1 2014 west company purchased 420000 of 500 bonds, Ask an Expert

Accounting

On April 1, 2014, West Company purchased $420,000 of 5.00% bonds for $436,550 plus accrued interest as an available-for-sale security. Interest is paid on July 1 and January 1 and the bonds mature on July 1, 2019.

A. Prepare the journal entry on April 1, 2014

B. The bonds are sold on November 1, 2015 at 103 plus accrued interest. Amortization was recorded when interest was received by the straight-line method. Prepare all entries required to properly record the sale. SHOULD BE 3 (RECORD AMORTIZATION, TO RECORD INTEREST, AND TO RECORD SALE OF BONDS)

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Financial Accounting, Accounting

Category:- Financial Accounting
Reference No.:- M91359587

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