Problem:
On May 1, 2014, Stanton Company purchased $60,000 of Harris Company's 12% bonds at 100 plus accrued interest ofr $2,400. On June 30, 2014, Stanton received its first semiannual interest. On February 1, 2015, Stanton sold $50,000 of the bonds at 103 plus accrued interest.
Required:
Question: What are the total proceeds from the February 1, 2015, sale? How do you arrive at your answer?
Note: Provide support for your rationale.