Rippa paid $150,000,plus a brokerage commission of $350,to purchase Michael Corp bonds as a long-term investment.The 7% bonds had a par value of $155,000 and pay interest semiannually.The market interest rate is 10%.Prepare the journal entry to record the receipt of the first semiannual interest payment.

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The Answer of Rippa paid $150,000,plus a brokerage commission of $350,to purchase Michael Corp bonds as a long-term investment.The 7% bonds had a par value of $155,000 and pay interest semiannually.The market interest rate is 10%.Prepare the journal entry to record the receipt of the first semiannual interest payment.

Rippa Paid $150,000,plus a Brokerage Commission of $350,to Purchase Michael