On may 1 2012 carly company purchased 72000 of 8 15-year, Ask an Expert

Accounting

On May 1, 2012, Carly Company purchased $72,000 of 8%, 15-year Baltimore Company bonds at par plus two months' accrued interest. The bonds pay interest on March 1 and September 1. On October 1, 2012, Carly Company sold $26,400 of the Baltimore Company bonds acquired on May 1, plus one month accrued interest. On December 31, 2012, four months' interest was accrued for the remaining bonds. Determine the interest earned by Carly Company on Baltimore Company bonds for 2012. If required, round to the nearest dollar.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9985967

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