Reference no: EM133007613
Question - Rekya Mart Inc. is a general merchandise retail company that began operations on January 1, Year 1. The following transactions relate to debt investments acquired by Rekya Mart Inc., which has a fiscal year ending on December 31:
Year 1 Apr. 1. Purchased $66,000 of Smoke Bay 7%, 10-year bonds at their face amount plus accrued interest of $770. The bonds pay interest semiannually on February 1 and August 1.
May 16. Purchased $134,000 of Geotherma Co. 6%, 12-year bonds at their face amount plus accrued interest of $335. The bonds pay interest semiannually on May 1 and November 1.
Aug. 1. Received semiannual interest on the Smoke Bay bonds.
Sept. 1. Sold $26,400 of Smoke Bay bonds at 104 plus accrued interest of $154.
Nov. 1. Received semiannual interest on the Geotherma Co. bonds.
Dec. 31 Accrued $924 interest on Smoke Bay bonds.Dec. 31Accrued $670 interest on Geotherma Co. bonds.
Year 2 Feb. 1. Received semiannual interest on the Smoke Bay bonds.
May 1. Received semiannual interest on the Geotherma Co. bonds.
Required - Journalize the entries to record these transactions. For a compound transaction, if an amount box does not require an entry, leave it blank.
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