The Following Is Information About O'Hara Corporation's, a Public Company

Essay

The following is information about O'Hara Corporation's, a public company, trading investments. O'Hara has a September 30 year end.
Sep 1: On hand:
$50,000, 5% FMC Co. bond, purchased previously by O'Hara at 101. Interest on the bond is payable semi-annually on January 1 and July 1.
$100,000 3% Government of Canada bond, previously purchased by O'Hara at 98. Interest on the bond is payable semi-annually on March 31, and September 30.
Sep 1: Purchased $40,000 4% Alpha Inc. bond at 99. Interest is payable annually on August 31.
Sep 30: Received interest on Government of Canada bond.
Sep 30: Sold the Government of Canada bond at 97.
Sep 30: Fair value on FMC Co. bond is $52,500 and fair value of Alpha Inc. bond is $38,700.
Instructions
Record the transactions that occurred in September and prepare any adjusting entries required at September 30.