Afton Co
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Afton Co. Purchased $24,000 of 4%, 10-year Davis Country bonds on July 12, 2012, directly from the country at par value. The bonds pay semiannual interest on May 1 and November 1. On December 1, 2012, Afton Co. sold $6,000 of the Davis County bonds at 98 plus $20 accrued interest, less a $100 brokerage commission.
Provide the journal entries for:
a. The purchase of the bonds on July 12, plus 72 days of accrued interest.
b. Semiannual interest on November 1.
c. Sale of the bonds on December 1.
d. adjusting entry for accrued interest of $120 on December 31, 2012.
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