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On January 1,2024, Rupar Retailers purchased $130,000 of Anand Company bonds at a...

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Accounting

On January 1,2024, Rupar Retailers purchased $130,000 of Anand Company bonds at a premium of $8,000. The Anand bonds pay 9% interest but were purchased when the market interest rate was 8% for bonds of similar risk and maturity. The bonds pay interest semiannually on June 30 and December 31 of each year. Rupar accounts for the bonds as a held-to-maturity investment, and uses the effective interest method. In Rupar's December 31,2024, journal entry to record the second period of interest, Rupar would record a credit to interest revenue of:Multiple Choice$5,503.$5,200.$5,850.$5,507.

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