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Record the transaction On May 1, 2021, P3 also bought $80,000, 6%, 30-year bonds,...

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Accounting

Record the transaction

On May 1, 2021, P3 also bought $80,000, 6%, 30-year bonds, paying $86,000 plus $800 in accrued interest. The bonds are dated March 1 and pay interest on March 1 and October 1. P3 does not intend to hold these bonds until maturity. At the end of 2021, the market value of these bonds was $81,000.

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