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Journalize entries to record initial acquisition

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Reference no: EM13534208

Entries for investment in bonds, interest, and sale of bonds

Dristol Company acquired $56,000 Reynolds Company, 4.5% bonds on April 1, 2012, at par value. Interest is paid semiannually on April 1 and October 1. On October 1, 2012, Dristol sold $20,000 of the bonds for 99.

Journalize entries to record the following:

a. The initial acquisition of the bonds on April 1.

b. The semiannual interest received on October 1.

c. The sale of the bonds on October 1.

d. The accrual of $637 interest on December 31, 2012.

Reference no: EM13534208

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