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BRIEF EXEH 2 BE17-1 Garfield Company made an investment in 80,000 of the 9%,5-year...

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Accounting

BRIEF EXEH
2 BE17-1 Garfield Company made an investment in 80,000 of the 9%,5-year bonds of Chester Corporation for 74,086, which provides an 11% return. Garfield plans to hold these bonds to collect contractual cash flows. Prepare Garfield's journal entries for (a) the purchase of the investment, and (b) the receipt of annual interest and discount amortization.
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