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On July 2, 2021, Izo Inc. purchased $520,000 of Zieborg Corp. 5% bonds at a price of 481,321 to yield a market interest rate of 6%. The bonds pay interest semi-annually on July 1 and January 1, and mature on July 1, 2031. Izo plans to hold this investment until it matures. At December 31, 2021, which is the year end for both companies, the bonds were trading at 93 (this means 93% of face value).

On July 2, 2021, Izo Inc. purchased $520,000 of Zieborg Corp. 5% bonds at a price of 481,321 to yield a market interest rate of 6%. The bonds pay interest semi-annually on July 1 and January 1, and mature on July 1, 2031. Izo plans to hold this investment until it matures. At December 31, 2021, which is the year end for both companies, the bonds were trading at 93 (this means 93% of face value).

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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Hi there,

I can't figure out how to organize these journal entires 

Thanks 

For Izo, the investor, record. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round answers to 0 decimal places, e.g. 5,250. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) 1. 2. 3. 4. Date Account Titles and Explanation 2021 July 2 the purchase of the bonds on July 2, 2021, the accrual of interest on December 31, 2021, the receipt of interest on January 1, 2022, and the receipt of interest on July 1, 2022. Dec. 31 2022 Jan. 1 July 1 Debit ||| Credit
Transcribed Image Text:For Izo, the investor, record. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round answers to 0 decimal places, e.g. 5,250. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) 1. 2. 3. 4. Date Account Titles and Explanation 2021 July 2 the purchase of the bonds on July 2, 2021, the accrual of interest on December 31, 2021, the receipt of interest on January 1, 2022, and the receipt of interest on July 1, 2022. Dec. 31 2022 Jan. 1 July 1 Debit ||| Credit
On July 2, 2021, Izo Inc. purchased $520,000 of Zieborg Corp. 5% bonds at a price of 481,321 to yield a market interest rate of 6%. The bonds pay interest semi-annually on July 1 and January 1, and mature on July 1, 2031. Izo plans to hold this investment until it matures. At December 31, 2021, which is the year end for both companies, the bonds were trading at 93 (this means 93% of face value).
Transcribed Image Text:On July 2, 2021, Izo Inc. purchased $520,000 of Zieborg Corp. 5% bonds at a price of 481,321 to yield a market interest rate of 6%. The bonds pay interest semi-annually on July 1 and January 1, and mature on July 1, 2031. Izo plans to hold this investment until it matures. At December 31, 2021, which is the year end for both companies, the bonds were trading at 93 (this means 93% of face value).
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