On may 1, pierce company purchased $60,000 of stanton company’s 12% bonds at 100 plus accrued interest of $2,400. on june 30, pierce received its first semiannual interest. on february 1, pierce sold $50,000 of the bonds at 103 plus accrued interest. the journal entry pierce will record on february 1 will include a
a. credit to gain on sale of investments for $1,500
b. credit to interest receivable for $600
c. credit to interest revenue for $1,500
d. credit to cash for $52,500
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On may 1, pierce company purchased $60,000 of stanton company’s 12% bonds at 100 plus accrued intere...
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