On december 1 2010 johnson sold the bonds for 98 plus, Ask an Expert

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On february 1, 2010, J. Johnson acquired $300,000 of Dormant Enterprises 6 % bonds at 96. Interest is paid semiannually on January 1, and July 1. The bonds mature July 1, 2015. On December 1, 2010, Johnson sold the bonds for 98 plus accrued interest. Assuming straight-line interest, prepare the journal entries to record bond-related transactions on February 1, 2010, July 1, 2010, and December 1, 2010.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M973503

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