On January 1, a companypurchased3%, 20-year corporate bonds for $69,057,808 as an investment. The bonds...
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Accounting
On January 1, a companypurchased3%, 20-year corporate bonds for $69,057,808 as an investment. The bonds have a face amount of $80 million and are priced to yield 4%. Interest is paid semiannually.
Prepare the journal entries necessary to record revenue at the effective interest rate on June 30.
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