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Journalize the transactions including the adjusting entry

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Reference no: EM132718298

Crane Corporation had the following transactions relating to debt investments:

Jan. 1, 2020 Purchased 50, $1,700, 10% Spiller Company bonds for $85,000. Interest is payable annually on January 1.

Dec. 31, 2020 Accrued interest on Spiller Company bonds.

Jan. 1, 2021 Received interest from Spiller Company bonds.

Jan. 1, 2021 Sold 30 Spiller Company bonds for $49,300.

Problem 1: Journalize the above transactions, including the adjusting entry for the accrual of interest on December 31, 2020.

Reference no: EM132718298

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