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Record the transactions and any necessary adjusting entries

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Question - Granger Front Inc. made the following bond investment during the year for the purpose of trading. Assume Granger 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 $27,500. 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 the Arnprior Bonds for $28,050.

Required - Record the transactions and any necessary adjusting entries for Granger Front at its year end of March 31, 2022.

Reference no: EM133074511

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