Up There IQ Inc. is a Gifted & Talented recruiting company that began operations on January 1, 20X1. The following transactions relate to debt investments acquired by Up There IQ Inc., which has a fiscal year ending on December 31: 20X1 Purchased $75,000 of Brainy Co. 7%, 15-year bonds at their face amount plus accrued interest of $875. The bonds pay interest semiannually on March 1 and September 1 Purchased $60,000 of Einstein Inc. Co. 6%, 10-year bonds at their face amount plus accrued interest of $150. The bonds pay interest semiannually on May 1 and November 1 Received semiannual interest on the Brainy Co. bonds Sold $30,000 of Brainy Co. bonds at 98 plus accrued interest of $175 Мaу, 1 Маy 16 Sept. 1 Sept. 30 Nov. 1 Received semiannual interest on the Einstein Inc. Co. bonds. Accrued $1,050 interest on the Brainy Co. bonds. Accrued $600 interest on the Einstein Inc. Co. bonds Dec. 31 Dec. 31 20X2 Mar. 1 Received semiannual interest on the Brainy Co. bonds May 1 Received semiannual interest on the Einstein Inc. Co. bonds а. Prepare the journal entries for the above transactions

Up There IQ Inc. is a Gifted & Talented recruiting company that began operations on January 1, 20X1. The following transactions relate to debt investments acquired by Up There IQ Inc., which has a fiscal year ending on December 31: 20X1 Purchased $75,000 of Brainy Co. 7%, 15-year bonds at their face amount plus accrued interest of $875. The bonds pay interest semiannually on March 1 and September 1 Purchased $60,000 of Einstein Inc. Co. 6%, 10-year bonds at their face amount plus accrued interest of $150. The bonds pay interest semiannually on May 1 and November 1 Received semiannual interest on the Brainy Co. bonds Sold $30,000 of Brainy Co. bonds at 98 plus accrued interest of $175 Мaу, 1 Маy 16 Sept. 1 Sept. 30 Nov. 1 Received semiannual interest on the Einstein Inc. Co. bonds. Accrued $1,050 interest on the Brainy Co. bonds. Accrued $600 interest on the Einstein Inc. Co. bonds Dec. 31 Dec. 31 20X2 Mar. 1 Received semiannual interest on the Brainy Co. bonds May 1 Received semiannual interest on the Einstein Inc. Co. bonds а. Prepare the journal entries for the above transactions

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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