Parilo company acquired 172200 of makofske co 5 bonds on, Ask an Expert

Accounting

Parilo Company acquired $172,200 of Makofske Co., 5% bonds on May 1, 2016, at their face amount.

Interest is paid semiannually on May 1 and November 1.

On November 1, 2016, Parilo Company sold $46,800 of the bonds for 95.

Journalize entries to record the following

May1 Initial acquisition of the bonds

Nov.1 Semi annual interest received 1Sale of the bonds

Dec.31 Accrual of $1,045 interest.

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Financial Accounting, Accounting

Category:- Financial Accounting
Reference No.:- M91923725

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