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On July 1,2024, Sage Hill Inc., a public company, purchased $390,000 of Cheyenne...

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Accounting

On July 1,2024, Sage Hill Inc., a public company, purchased $390,000 of Cheyenne Corp. 10-year, 3% bonds for $358,200 to earn interest. The bonds had a market interest rate of 4%. The bonds pay interest semi-annually on January 1 and July 1. Sage Hill Inc. has a December 31 year end. At December 31,2024, the bonds are trading at 96.Your answer is partially correct.
Round answers to 0 decimal places, e.g.5,275. List all debit entries before credit entries.)
Sage Hill (investor)
Date Account Titles
Debit
Credit
Dec. 31
Interest Receivable
Investments at Amortized Cost
Interest Revenue
Cheyenne (investee)
Date
Account Titles
Dec. 31
Interest Expense
Interest Payable
Debit
Credit
Dec 3
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