Appropriate journal entries to record transactions

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Reference no: EM13790331

On March 1, 2011, Navy Corporation used excess cash to purchase U.S. Treasury bonds for $103,000 plus accrued interest. The appropriate interest rate is 6%. Interest on these bonds is payable on January 1 and July 1 of each year. Navy's investment is accounted for as held to maturity . The fair value of the Treasury bonds is $104,000 at year end.

REQUIRED: Prepare the appropriate journal entries to record the transactions for the year, including any year-end adjustments. Show calculations, rounded to the nearest dollar.

Reference no: EM13790331

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