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paulina incorporated owns 90 percent of southport company. on january1,2021 paulina acquires half of southports...

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Accounting

Paulina incorporated owns 90 percent of Southport company. On january1,2021 Paulina acquires half of Southports $820000 outstanding 13year bonds. These bonds had been sold on the open market on January 1,2018 at a 12 percent effective rate. The bonds pay a cash interest rate of 10 percent every December 31 and are scheduled to come due on December 31,2030

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