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The following transactions occurred at Jackson Hospital. Under the will of Samuel H. Samuels, a bequest of $100,000 was received for research on...
The following transactions occurred at Jackson Hospital.1. Under the will of Samuel H. Samuels, a bequest of $100,000 was received for research on gerontology. The principal of the bequest, as well as any earnings on investments, I expandable for the specified research purpose.2. Pending the need for the money for the designated purpose, part of the bequest was invested in $95,000 of par value City of Jackson 6 percent bonds at 103 plus accrued interest of $823.3. An interest payment of $2,850 was received on the City of Jackson bonds.4. The bonds were sold at 104 plus accrued interest of $443.5. The income from the Samuels gift was used for the stipulated purpose.
