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  3. 22 assume that the upto wn company purchased the bonds...

Question: 22 assume that the upto wn company purchased the bonds...

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22. Assume that the Upto wn Company purchased the bonds of the Antel Company face value of $4,000, a stated annual interest rate of 18%, and These bonds have a total interest payment dates of September 1 and March 1. Uptown purchased these bonds on July 1 at 96 plus four months of accrued interest and a brokerage fee of $50. The entry to record the receipt of interest on September 1 on Uptowns books would be A. Cash Bond Interest Income Bond Interest Receivable Bond Interest Receivable $360 $360 $360 $360 $360 $240 B. Cash C. Cash Bond Interest Income $120 D. Cash $720 Bond Interest Receivable Bond Interest Income $240 $480

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