On January 1, Saskatoon Corporation purchased as a trading investment a $1,000, 6% bond for $1,060.The bond pays interest on January 1 and July 1.After receiving and recording the interest, the bond is sold on July 1 for $1,100.What is the entry to record the cash proceeds at the time the bond is sold?

Question

On January 1, Saskatoon Corporation purchased as a trading investment a $1,000, 6% bond for $1,060.The bond pays interest on January 1 and July 1.After receiving and recording the interest, the bond is sold on July 1 for $1,100.What is the entry to record the cash proceeds at the time the bond is sold? On January 1, Saskatoon Corporation purchased as a trading investment a $1,000, 6% bond for $1,060.The bond pays interest on January 1 and July 1.After receiving and recording the interest, the bond is sold on July 1 for $1,100.What is the entry to record the cash proceeds at the time the bond is sold?

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The Answer of On January 1, Saskatoon Corporation purchased as a trading investment a $1,000, 6% bond for $1,060.The bond pays interest on January 1 and July 1.After receiving and recording the interest, the bond is sold on July 1 for $1,100.What is the entry to record the cash proceeds at the time the bond is sold?

On January 1, Saskatoon Corporation Purchased as a Trading Investment