Gonzalez Company acquired $145,800 of Walker Co., 7% bonds on May 1 at their face amount. Interest is paid semiannually on May 1 and November 1. On November 1, Gonzalez Company sold $55,800 of the bonds for 97. Journalize entries to record the following in Year 1:
Gonzalez Company acquired $145,800 of Walker Co., 7% bonds on May 1 at their face amount. Interest is paid semiannually on May 1 and November 1. On November 1, Gonzalez Company sold $55,800 of the bonds for 97. Journalize entries to record the following in Year 1:
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter22: Corporations: Bonds
Section: Chapter Questions
Problem 2CE
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ntries for Investment in Bonds, Interest, and Sale of Bonds
Gonzalez Company acquired $145,800 of Walker Co., 7% bonds on May 1 at their face amount. Interest is paid semiannually on May 1 and November 1. On November 1, Gonzalez Company sold $55,800 of the bonds for 97.
For a compound transaction, if an amount box does not require an entry, leave it blank.
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