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Do the all entries required to properly record the sale

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Question - January 1, 2017, West Co. purchased $400,000 of 8% bonds for $369,114 as an available-for-sale security. Interest is paid on July 1 and January 1 and the bonds mature on January 1, 2022. West Co. uses the effective-interest method to amortize discount or premium. On January 1, 2021, West Co. sold the bonds for $370,726, after receiving interest, to meet its liquidity needs.

Instructions -

(a) Do the journal entry on January 1, 2017.

(b) Do the all entries required to properly record the sale on January 1, 2021.

Reference no: EM132544613

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