On January 2 Penny Company purchased 45 10% $1000 Mikel Company bonds for $45000 cash. Interest is payable annually on January 1. Journalize the entries to record the purchase of the bonds and the accrual of the annual interest on December 31.

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The Answer of On January 2 Penny Company purchased 45 10% $1000 Mikel Company bonds for $45000 cash. Interest is payable annually on January 1. Journalize the entries to record the purchase of the bonds and the accrual of the annual interest on December 31.

On January 2 Penny Company Purchased 45 10% $1000 Mikel