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Question - Griffin purchased a bond on January 1, 2024, for $140,000. The bond has a face value of $140,000 and matures in 10 years. The bond pays interest on June 30 and December 31 at a 3% annual rate. Grifin plans on holding the investment until maturity.
Required -
1. Journalize the 2024 transactions related to Griffin's bond investment. Explanations are not required
2. Journalize the transaction related to Griffin's disposition of the bond at maturity on December 31, 2033. (Assume the last interest payment has already been recorded.) Explanations are not required.
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