EX 15-4 Entries for investment in bonds, interest, and sale of bonds
The following bond investment transactions were completed during 2012 by Mission Company:
| Jan. 21. | Purchased 50, $1,000 par value government bonds at 100 plus 20 days’ accrued interest. The bonds pay 4.5% annual interest on June 30 and January 1. |
| June 30. | Received semiannual interest on bond investment. |
| Sept. 5. | Sold 24, $1,000 par value bonds at 97 plus $201 accrued interest. |
a. Journalize the entries for these transactions.
b. Provide the December 31, 2012, adjusting journal entry for semiannual interest earned from the bond coupon.
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