Reference no: EM13123036
On January 1, Barone Company purchased as a short-term investment a $1,000, 8% bond for $1,050. The bond pays interest on January 1 and July 1. The bond is sold on October 1 for $1,100 plus accrued interest. Interest has not been accrued since the last interest payment date. What is the entry to record the cash proceeds at the time the bond is sold?
a. cash....................... 1,100
debt investment........ 1,100
b. cash....................... 1,120
debt investment........ 1,050
gain on sale of debt investment 50
interest revenue 20
c. cash....................... 1,120
debt investments....... 1,100
interest revenue....... 20
d. cash....................... 1,100
debt investments....... 1,050
gain on sale of debt investment 50
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