Lilburn Inc. purchased $56,000 of Metter Corporation's 12 percent, 10-year bonds on January 1, 2011, for $59,360 plus accrued interest. Interest on the bonds is payable on April 1 and October 1. On January 1, 2012, Lilburn sold the bonds for 103 plus accrued interest. As a result of the sale, Lilburn should debit Cash for

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The Answer of Lilburn Inc. purchased $56,000 of Metter Corporation's 12 percent, 10-year bonds on January 1, 2011, for $59,360 plus accrued interest. Interest on the bonds is payable on April 1 and October 1. On January 1, 2012, Lilburn sold the bonds for 103 plus accrued interest. As a result of the sale, Lilburn should debit Cash for