Find the correction of journal entry for bond interest

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Reference no: EM1312258

Find the Correction of journal entry for bond interest payment

Pima Company acquires 50, 10%, 5 year, $1,000 Community bonds on January 1, 2008 for $51,250. This includes a brokerage commission of $1,250.

Assume Community pays interest on January 1 and July 1, and the July 1 entry was done correctly. The journal entry at December 31, 2008 would include a credit to

a. Interest Receivable for $2,500.

b. Interest Revenue for $5,000.

c. Accrued Expense for $5,000.

d. Interest Revenue for $2,500.

Reference no: EM1312258

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