Problemon may 1 2014 stanton company purchased 60000 of, Ask an Expert

Accounting

Problem:

On May 1, 2014, Stanton Company purchased $60,000 of Harris Company's 12% bonds at 100 plus accrued interest ofr $2,400. On June 30, 2014, Stanton received its first semiannual interest. On February 1, 2015, Stanton sold $50,000 of the bonds at 103 plus accrued interest.

Required:

Question: What are the total proceeds from the February 1, 2015, sale? How do you arrive at your answer?

Note: Provide support for your rationale.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M91164471

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