1.) Leonard Technologies invests $54,000 to acquire $54,000 face value, 10%, fiveyear corporate bonds on...
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Accounting
1.) Leonard Technologies invests $54,000 to acquire $54,000 face value, 10%, fiveyear corporate bonds on December 31, 2014. The bonds will mature on December 31, 2019. The bonds pay interest semiannually on December 31 and June 30 every year until maturity. Assume Leonard Technologies uses a calendar year. Based on the information provided, which of the following will be included in the journal entry for the transaction on December 31, 2018?
2.) On July 7, University Bank lent $550,000 to Jazz Music Shop on a 60 day, 7% note. What is the maturity value of the note? (Use a 360day year and round answers to the nearest dollar.)
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