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Journalize the entries to record the purchase of the bonds

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Reference no: EM132813214

Entries for bond (held-to-maturity) investments

Gillooly Co. purchased $81,000 of 5%, 12-year Lumpkin County bonds on May 11, Year 1, directly from the county, at their face amount plus accrued interest. The bonds pay semiannual interest on April 1 and October 1. On October 31, Year 1, Gillooly Co. sold $30,000 of the Lumpkin County bonds at 103 plus $125 accrued interest less a $1,000 brokerage commission.

problem 1: Journalize the entries to record the purchase of the bonds on May 11 plus 40 days of accrued interest

Reference no: EM132813214

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