Albright Company purchased as a long-term investment $500,000 of Benton Corporation 10-year, 9% bonds. Present entries to record the following selected transactions:Mar. 1Purchased bonds at their face amount for $500,000.May 1Sold half the bonds at 98 plus accrued interest of $3,750. The broker deducted $200 for brokerage fees and taxes, remitting the balance.

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The Answer of Albright Company purchased as a long-term investment $500,000 of Benton Corporation 10-year, 9% bonds. Present entries to record the following selected transactions:Mar. 1Purchased bonds at their face amount for $500,000.May 1Sold half the bonds at 98 plus accrued interest of $3,750. The broker deducted $200 for brokerage fees and taxes, remitting the balance.

Albright Company Purchased as a Long-Term Investment $500,000 of Benton