Carow Corporation purchased, as a held-to-maturity investment, $79,000 of the 10

Question

Carow Corporation purchased, as a held-to-maturity investment, $79,000 of the 10%, 6-year bonds of Harrison, Inc. for $86,414, which provides a 8% return. The bonds pay interest semiannually.

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Carow Corporation purchased, as a held-to-maturity investment, $79,000 of the 10%, 6-year bonds of Harrison, Inc. for $86,414, which provides a 8% return. The bonds pay interest semiannually. Prepare Carow's journal entries for (a) the purchase of the investment, and (b) the receipt of semiannual interest and premium amortization. Assume effective-interest amortization is used. (Round answers to 0 decimal places, e.g. 2,500. Credit account titles are automatically indented when amount is entered. Do not indent manually.)

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