Journal entry of purchase of long-term bonds

Reference no: EM1357485

Karr Company purchased bonds with a face amount of $400,000 between interest payment dates. Karr purchased the bonds at 102, paid brokerage costs of $6,000, and paid accrued interest for three months of $10,000. The amount to record as the cost of this long-term investment in bonds is

$424,000.
$414,000.
$408,000.
$400,000.

Reference no: EM1357485

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