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On May 1, Pierce Company purchased $60,000 of Stanton Company’s 12% bonds at 100 plus accrued interest of $2,400. On June 30, Pierce received its first semiannual interest. On February 1, Pierce sold $50,000 of the bonds at 103 plus accrued interest. What are the total proceeds from the February 1 sale? a.$51,500 b.$52,000 c.$52,400 d.$50,000

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Answer:

B. $52,000

Explanation:

Sale Proceeds = $50,000 × 103% = $51,500

Accrued Interest = $50,000 × 12% × 1/12 = $500

Total Proceeds from Sale = $51,500 + $500 = $52,000

Therefore the total proceeds from the February 1 is $52,000

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