During 2019, the following transactions occurred: July 1 Purchased Little Company debt securities for $100,000...
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During 2019, the following transactions occurred: July 1 Purchased Little Company debt securities for $100,000 (which is equal to par value). The securities carry an annual interest rate of 10%, mature on December 31, 2021, and pay interest seminannually on July 1 and December 31. Oct. 11 Sold all of the Thompson Company securities for $73,000 plus interest of $2,800. Dec. 31 Received interest of $5,000 on the Stevens Company and Little Company debt securities, and the following yearend total market values were available: Stevens Company debt securities, $45,000; Little Company debt securities, $98,000. Required: 1. Prepare journal entries to record the preceding information
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