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Tasya [4]
3 years ago
10

Tempest Co. purchased 60, 6% Ulrich Company bonds for $60,000 cash. Interest is payable semiannually on July 1 and January 1. If

30 of the securities are sold on July 1 for $32,000, the entry would include a credit to Gain on Sale of Debt Investments for Select one: a. $2,000. b. $1,750. c. $1,800. d. $0 e. $1,600.
Business
1 answer:
PolarNik [594]3 years ago
7 0

Answer:

The correct answer is option (a).

Explanation:

According to the scenario, the given data are as follows:

Purchase Bonds = 60

Purchased bonds value = $60,000

So Purchased value of 30 bonds = $60,000 ÷ 2  = $30,000

Sold 30 bonds at value = $32,000

So, we can calculate the gain on sale by using following formula:

Gain on sale = Sold 30 bonds at value - Purchased value of 30 bonds

By putting the value, we get

= $32,000 - $30,000

= $2,000

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