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Record necessary adjusting entries for benton front

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Benton Front Inc. made the following bond investment during the year for the purpose of trading. Assume Benton uses the fair value through profit or loss model and has a fiscal year end at March 31, 2022.

Feb. 1, 2022

Purchased Arnprior Bonds at par for $23,000. Interest is paid semi-annually at a rate of 4% on February 1 and August 1 each year.

Mar. 31, 2022

The Arnprior Bonds were trading at 101.

Aug. 1, 2022

Collected interest on the Arnprior Bonds.

Aug. 2, 2022

Sold the Arnprior Bonds for $23,500.

Problem (a) Record the above transactions and any necessary adjusting entries for Benton Front at its year end of March 31, 2022.

Reference no: EM132779245

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