On March 1,2016,Navy Corporation used excess cash to purchase U.S.Treasury bonds for $103,000 plus accrued interest.The bonds were purchased at face value.The appropriate interest rate is 6%.Interest on these bonds is payable on January 1 and July 1 of each year.Navy's investment is accounted for as held to maturity.The fair value of the Treasury bonds is $104,000 at year-end.
Required:
Prepare the appropriate journal entries to record the transactions for the year,including any year-end adjustments.Show calculations,rounded to the nearest dollar.

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The Answer of On March 1,2016,Navy Corporation used excess cash to purchase U.S.Treasury bonds for $103,000 plus accrued interest.The bonds were purchased at face value.The appropriate interest rate is 6%.Interest on these bonds is payable on January 1 and July 1 of each year.Navy's investment is accounted for as held to maturity.The fair value of the Treasury bonds is $104,000 at year-end.
Required:
Prepare the appropriate journal entries to record the transactions for the year,including any year-end adjustments.Show calculations,rounded to the nearest dollar.

On March 1,2016,Navy Corporation Used Excess Cash to Purchase U