Reference no: EM133057130
Question - On July 1, 2021, Metlock Inc., a public company, purchased $380,000 of Bridgeport Corp. 10-year, 6% bonds for $352,996 to earn interest. The bonds had a market interest rate of 7%. The bonds pay interest semi-annually on January 1 and July 1. Metlock Inc. has a December 31 year end. At December 31, 2021, the bonds are trading at 96.
Assuming Metlock Inc. purchased the bonds from Bridgeport Corp., record the journal entries required on July 1 for Metlock Inc., and Bridgeport Corp.
Record any adjusting journal entries that are required at December 31 for Metlock Inc., and Bridgeport Corp.
Record the receipt and payment of the first interest payment on January 1, 2022, for Metlock Inc., and Bridgeport Corp.
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