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Prepare the adjusting entry for accrual of interest at july

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Reference no: EM132823673

Floyd Limited had the following transactions pertaining to debt investments.

  1. Jan.1, 2017 Purchased 70 8%, £1,100 Sunland Company bonds for £77,000 cash. Interest is payable annually on January 1
  2. Dec.31, 2017 Accrued interest on the Sunland Company bonds.
  3. Jan.1, 2018 Received interest on Sunland Company bonds.
  4. Jan.1, 2018 Sold 42 Sunland Company bonds for £51,590.

Problem a. journalize

Problem b. Prepare the adjusting entry for the accrual of interest at July 1, 2018.

Reference no: EM132823673

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