Use the Following Information for Questions

question 36

Multiple Choice

Use the following information for questions.
On January 1, 2018, Warner Inc. purchased 3.5%, $50,000 face value Jackson Corp. bonds at face value. Interest is payable semi-annually on July 1 and January 1. The bonds are classified as held for trading investments. The bonds were sold on July 2, 2018 for $53,000.
-On January 1, Saskatoon Corporation purchased as a trading investment a $1,000, 6% bond for $1,060. The bond pays interest on January 1 and July 1. After receiving and recording the interest, the bond is sold on July 1 for $1,100. What is the entry to record the cash proceeds at the time the bond is sold?

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Definitions:

Social Media Networks

Online platforms that enable users to create content, share media, and develop social and professional contacts.

Insurable Interest

A principle requiring that a person purchasing insurance has a vested interest in the item or life being insured.

Double Chocolate Bars

Confectionery items that incorporate chocolate in at least two forms, such as chocolate coating and chocolate filling.

Confection Corporation

A business entity specialized in the production and sale of sweets and chocolates.