Required Information PA-2 (Static) Recording Passive Investments LO A-1 [The following information applles to the...
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Required Information PA-2 (Static) Recording Passive Investments LO A-1 [The following information applles to the questions displayed below.] On January 1, 2024, Rain Technology purchased at par $80,000,5 percent, bonds of Lightyear Services Company. The bonds pay Interest quarterly on March 31, June 30, September 30, and December 31. Rain Technology's year ends on December 31. The following Information applies to the falr value of Lightyear Services' bonds: Raln Technology sold the bonds on July 14, 2027, for $83,000. PA-2 Part 1 Required: 1. Prepare Raln Technology's entry to record Interest recelved on March 31, 2024. Note: If no entry Is requlred for a transaction/event, select "No journal entry required" In the first account fleld. Journal entry worksheet Record the interest received on March 31, 2024. Note: Enter debits before credits
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