Bay Company Acquires 60 8% 5 Year $1000 Community Bonds

question 45

Multiple Choice

Bay Company acquires 60 8% 5 year $1000 Community bonds on January 1 2017 for $60000. Assume Community pays interest on January 1. The journal entry at December 31 2017 would include a credit to

• A) Interest Receivable for $2400.
• B) Interest Receivable for $4800.
• C) Accrued Expense for $4800.
• D) Interest Revenue for $4800.

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