There should be 3 transaction. First one is completed. Tsunami Sushi purchases $110,000 of...
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There should be 3 transaction. First one is completed.
Tsunami Sushi purchases $110,000 of 5-year, 7% bonds from Deep Sea Explorers on January 1. Management intends to hold the debt securities to maturity. For bonds of similar risk and maturity, the market rate is 8%. Tsunami paid $105,539 for the bonds. It receives interest semiannually on June 30 and December 31. Due to changing market conditions, the fair value of the bonds at December 31 is $105,000. Required: 1., 2.& 3. Record the necessary entries regarding the bonds. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list View journal entry worksheet General Journal Debit Credit No 1 Transaction 1 2 Investments 105,539 Cash 105,539 2 2 No Transaction Recorded
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