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Albright Company purchased as a long-term investment 500000 of Benton Corporation
Albright Company purchased as a long-term investment 500000 of Benton Corporation 10 year, 9% bonds. Present entries to record the following selected transactions:
A. Purchased bonds for 475,000. B. Amortized 1,800 of discount on bonds for the year. C. Sold bonds at 98 plus accrued interest of 8,000. The broker deducted 400 for brokerage fees and taxes, remitting the balance. The bonds were carried at 489,000 at the time of the sale. |
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