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10-2 Accounting for debt investments On January 1,2024, Chaucer's Restaurant decides to invest...

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Accounting

10-2 Accounting for debt investments
On January 1,2024, Chaucer's Restaurant decides to invest in Lake Turner bonds. The bond matures on December 31,2029 and pays interest on June 30, and December 31 at 4% annually. The market rate of interest was 4% on January 1,2024, so the $90,000 maturity value bonds sold for face value. Chaucer intends to hold the bonds until December 31,2029. Journalize the purchase of bonds and the interest incurred during the first year.
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