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6. On August 1, 2011, Airport Company sold Paxton Company $1,000,000 of 10-year, 6% bonds, dated July 1 at 100 plus accrued interest. On March 1, 2012, Paxton sold half of the bonds for $520,000 plus accrued interest. Present entries to record the following transactions: Paxton Company: Purchase of bonds on August 1, 2011. (1) (2) Receipt of first semiannual interest amount on December 31, 2011. The sale of the bonds on March 1, 2012. (3)

6. On August 1, 2011, Airport Company sold Paxton Company $1,000,000 of 10-year, 6% bonds, dated July 1 at 100 plus accrued interest. On March 1, 2012, Paxton sold half of the bonds for $520,000 plus accrued interest. Present entries to record the following transactions: Paxton Company: Purchase of bonds on August 1, 2011. (1) (2) Receipt of first semiannual interest amount on December 31, 2011. The sale of the bonds on March 1, 2012. (3)

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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6. On August 1, 2011, Airport Company sold Paxton Company $1,000,000 of 10-year, 6% bonds, dated July 1 at 100 plus accrued interest. On March 1, 2012, Paxton sold half of the bonds for $520,000 plus accrued interest. Present entries to record the following transactions: Paxton Company: (1) Purchase of bonds on August 1, 2011. (2) Receipt of first semiannual interest amount on December 31, 2011. (3) The sale of the bonds on March 1, 2012.
Transcribed Image Text:6. On August 1, 2011, Airport Company sold Paxton Company $1,000,000 of 10-year, 6% bonds, dated July 1 at 100 plus accrued interest. On March 1, 2012, Paxton sold half of the bonds for $520,000 plus accrued interest. Present entries to record the following transactions: Paxton Company: (1) Purchase of bonds on August 1, 2011. (2) Receipt of first semiannual interest amount on December 31, 2011. (3) The sale of the bonds on March 1, 2012.
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