Patton Company purchased $1,600,000 of 10% bonds of Scott Company on January 1, 2022. The...
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Patton Company purchased $1,600,000 of 10% bonds of Scott Company on January 1, 2022. The bonds mature January 1, 2032; interest is payable each July 1 and January 1. The market effective yield is 8%. Patton Company uses the effective-interest method and plans to hold these bonds to maturity. Provide necessary journal entries on the bond investment for 2022.
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