On May 1, 20Y6, Stanton Company purchased $100,000 of Harris Company's 12% bonds at 100 plus accrued interest of $4,000. On June 30, 20Y6, Stanton received its first semiannual interest. On February 1, 20Y7, Stanton sold $80,000 of the bonds at 103 plus accrued interest. The journal entry Stanton will record on February 1, 20Y7, will include a a. credit to Interest Revenue for $2,400. b. credit to Gain on Sale of Investments for $2,400. c. debit to Cash for $82,400 d. credit to Interest Receivable for $1,000.
Answers (1)
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “On May 1, 20Y6, Stanton Company purchased $100,000 of Harris Company's 12% bonds at 100 plus accrued interest of $4,000. On June 30, 20Y6, ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers
You Might be Interested in
What is the duration of a two-year bond that pays an annual coupon of 10.8 percent and has a current yield to maturity of 13.3 percent? Use $1,000 as the face value. (Do not round intermediate calculations. Round your answer to 4 decimal places. (e.
Answers (1)
A petty cash fund of $100 is replenished when the fund contains $14 in cash and receipts for $94. The entry to replenish the fund would A. credit Cash Over and Short for $2. B. credit Miscellaneous Revenue for $2. C. debit Cash Over and Short for $2.
Answers (1)
Critical analysis Q8 When actual output exceeds an economy's full-employment output, how will the self-correcting mechanism direct the economy to long-run equilibrium? Prices will increase causing production costs, which will reduce aggregate supply.
Answers (1)
How to create branding for products?
Answers (2)
Augustus is a chemical engineer. Recognition of his work by the American Chemical Society is more important to him than a performance appraisal from his boss. He is a a. knowledge worker. b. task-oriented employee. c. contributory employee. d.
Answers (1)
New Questions in Business
Can vertical integration fail to eliminate conflict completely
Answers (1)
Use the information in each of the following separate cases to calculate the unknown amount. a. Corentine Co. had $152,000 of accounts payable on September 30 and $132,500 on October 31. Total purchases on account during October were $281,000.
Answers (1)
A client diagnosed with polycythemia vera has come into the clinic because he has developed a nighttime cough, fatigue, and shortness of breath. What complication would you suspect in this client?
Answers (1)
In a certain economy, the components of planned spending are given by: C = 500 + 0.8 (Y - T) - 300r Ip = 200 - 400r G = 200 NX = 10 T = 150 Given the information about the economy above, which expression below gives autonomous expenditures? A.
Answers (1)
What would happen to the buying power of your investment after one year if your rate of return was 8% and the rate of inflation was 3%?
Answers (1)