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Journalize the entries to record initial acquisition

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Question - Entries for bond (held-to-maturity) investments - Demopoulos Company acquired $150,000 of Marimar Co., 6% bonds on May 1 at their face amount. Interest is paid semiannually on May 1 and November 1. On November 1, Demopoulos Company sold $55,000 of the bonds for 98.

Required - Journalize the entries to record the following:

a. The initial acquisition of the bonds on May 1.

b. The semiannual interest received on November 1.

c. The sale of the bonds on November 1.

d. The accrual of $950 interest on December 31.

Reference no: EM133030721

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