At the end of 2018, Hodge Company prepared the following schedule of investnents in trading...
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At the end of 2018, Hodge Company prepared the following schedule of investnents in trading debt securities (all of which were acquired at par value): During 2019, the following transactions occurred July 1 Purchased Litse Company debt secutbes for $100,000 (which is equal to par value) The securises cary an annual interest rate of 10%, mature on December 31, 2021, and pay interest seminannually on July 1 and December 31 Oct 11 Sold all of the Thompson Company securibes tor $73,000 plus interest or $2,800 Dec 31 Recelved interest of 55.000 on the Stevens Company and Lite Compary debt tecurites, and the following yearend total manket values were avaiable. Stevens Company debt secuntes, 345,000 . Litie Company debt securises, $96,000 Required: 1. Prepare foumal entries to record the preceding in sorma6on How does grading work
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