Business, 05.05.2020 07:49 danielhall

Macy's, Inc., operates nearly 850 Macy's and Bloomingdale's department stores nationwide. The company does more than $23 billion in sales each year Assume that, as part of its cash management strategy, Macy's purchased as a long-term investment $6.5 million in 10-year bonds for $7,467,200 cash on July 1 of the current year. The bonds pay 8 percent interest semiannually on June 30 and December 31. The market rate on the bonds on the date of purchase was 6 percent. (FV of $1. PV of $1. EVA of $1, and PVA ot$1) (Use the appropriate factor(s) from the tables provided. If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollars, not in millions.) Required: 1. Record the purchase of the bonds on July 1 of the current year View transaction list Journal entry worksheet Record the purchase of the bonds on July 1, current year. 2. Record the receipt of interest on December 31 of the current year

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Macy's, Inc., operates nearly 850 Macy's and Bloomingdale's department stores nationwide. The compan...

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