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  3. on january 1, 2016, midtown industries purchased $

On January 1, 2016, Midtown Industries purchased $10,000 of 5% BRS bonds at a price...

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Accounting

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On January 1, 2016, Midtown Industries purchased $10,000 of 5% BRS bonds at a price of 100 (par.) Midtown intends to hold the bonds until their maturity date of January 1, 2021. The bonds pay interest semiannually on each January 1 and July 1. Record the initial purchase of the bonds on January 1, 2016, and the receipt of the interest on the first interest payment date of July 1, 2016. (Record debits first, then credits. Exclude explanations from any journal entries.) First, record the initial purchase of the bonds on January 1, 2016. Journal Entry Date Accounts Debit Credit Jan 1 Now record the receipt of the interest on the first interest payment date of July 1, 2016. Journal Entry Date Accounts Debit Credit Jul

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