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On May 1, Pierce Company purchased $60,000 of Stanton Company's 12% bonds at 100 plus...

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Accounting

On May 1, Pierce Company purchased $60,000 of Stanton Company's 12% bonds at 100 plus accrued interest of $2,400. On June 30, Pierce received its first semiannual interest. On February 1, Pierce sold $50,000 of the bonds at 103 plus accrued interest.

What are the total proceeds from the February 1 sale?

a. $52,000

b. $50,000

c. $52,400

d. $51,500

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