On May 1, 2014, Stanton Company purchased $60,000 of Harris Company's 12% bonds at 100...
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Accounting
On May 1, 2014, Stanton Company purchased $60,000 of Harris Company's 12% bonds at 100 plus accrued interest of $2,400. On June 30, 2014, Stanton received its first semiannual interest. On February 1, 2015, Stanton sold $50,000 of the bonds at 103 plus accrued interest.
The journal entry Stanton will record on June 30, 2014, will include:
a. a credit to Cash for $2,400.
b. a debit to Cash for $3,600.
c. a credit to Interest Receivable for $1,200.
d. a credit to Interest Revenue for $2,400.
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