On September 1, 2018, WV, Inc., bought $60,000 of MD Printer's 20-year, 6% bonds dated January 1, 2017, for
$56,920 plus accrued interest. The bonds pay interest annually and are classified as held-to-maturity. On September
1, 2028, WV sold one-fourth of these bonds for $15,000 plus accrued interest. No entries relating to the bonds had been made since December 31, 2027. Straight-line amortization was used.
Required:
Record the sale of these bonds.

Question

Quizplus · Accepted Answer

The Answer of On September 1, 2018, WV, Inc., bought $60,000 of MD Printer's 20-year, 6% bonds dated January 1, 2017, for
$56,920 plus accrued interest. The bonds pay interest annually and are classified as held-to-maturity. On September
1, 2028, WV sold one-fourth of these bonds for $15,000 plus accrued interest. No entries relating to the bonds had been made since December 31, 2027. Straight-line amortization was used.
Required:
Record the sale of these bonds.