Albright Company purchased as a long-term investment $500,000 of Benton Corporation 10-year, 9% bonds. Present entries to record the following selected transactions: (a) Purchased bonds at 93 for $\$ 465,000$.
(b) Sold half the bonds at 98 plus accrued interest of $\$ 4,000$. The broker deducted $\$ 200$ for brokerage fees and taxes, remitting the balance. The bonds were carried at $\$ 479,000$ at the time of the sale.

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The Answer of Albright Company purchased as a long-term investment $500,000 of Benton Corporation 10-year, 9% bonds. Present entries to record the following selected transactions: (a) Purchased bonds at 93 for $\$ 465,000$.
(b) Sold half the bonds at 98 plus accrued interest of $\$ 4,000$. The broker deducted $\$ 200$ for brokerage fees and taxes, remitting the balance. The bonds were carried at $\$ 479,000$ at the time of the sale.

Albright Company Purchased as a Long-Term Investment $500,000 of Benton $465,000\$ 465,000$465,000

Albright Company Purchased as a Long-Term Investment $500,000 of Benton $\$ 465,000$