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On January 1, 2014, Milton Company Purchased at Face Value

Question 47

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On January 1, 2014, Milton Company purchased at face value, a $1,000, 8% bond that pays interest on January 1 and July 1. Milton Company has a calendar year end. The entry for the receipt of interest on January 1, 2015 is On January 1, 2014, Milton Company purchased at face value, a $1,000, 8% bond that pays interest on January 1 and July 1. Milton Company has a calendar year end. The entry for the receipt of interest on January 1, 2015 is

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