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Make moonwalker journal entries for purchase of investment

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Reference no: EM133122778

Question - Moonwalker Co. purchased, as a held-to-maturity investment, $50,000 of the 9% bonds of Prime Time Corp. for $46,304, which provides an 11% return.

Prepare Moonwalker's journal entries for:

(a) purchase of the investment and;

(b) receipt of annual interest and discount amortization  (effective interest method).

Reference no: EM133122778

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