How do bonds pay interest?

On February 1, 2011, Charo Mendez purchased 6% bonds issued by CR Utilities at a cost of $30,000, which is their par value. The bonds pay interest semiannually on July 31 and January 31. For 2011, prepare entries to record Mendez’s July 31 receipt of interest and its December 31 year-end interest accrual. (Do not round your intermediate calculations. Omit the “$” sign in your response.)

 

Date General Journal Debit Credi
July 31

Problem 15-5A Part 2

Part 2
Assume that although Pillar owns 25% of Kildaire’s outstanding stock, circumstances indicate that it does not have a significant influence over the investee and that it is classified as an available-for-sale security investment.
Required:
Prepare journal entries to record the preceding transactions and events for Pillar. Also prepare an entry dated January 2, 2013, to remove any balance related to the fair value adjustment. (Omit the “$” sign in your response.)

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