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Make pharoah journal entries for semiannual interest

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Question - Pharoah Corporation purchased, as a held-to-maturity investment, $68,000 of the 6%, 4-year bonds of Harrison, Inc. for $72,981, which provides a 4% return. The bonds pay interest semiannually.

Make Pharoah's journal entries for (a) the purchase of the investment, and (b) the receipt of semiannual interest and premium amortization. Assume effective-interest amortization is used.

Reference no: EM132611450

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