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Ivanhoe Corporation purchased, as a held-to-maturity investment, $59,000 of the 6%, 6-year bonds of Harrison,...

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Accounting

Ivanhoe Corporation purchased, as a held-to-maturity investment, $59,000 of the 6%, 6-year bonds of Harrison, Inc. for $65,239, which provides a 4% return. The bonds pay interest semiannually. Prepare Ivanhoes journal entries for (a) the purchase of the investment, and (b) the receipt of semiannual interest and premium amortization. Assume effective-interest amortization is used.

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