On march 1 dennis company purchased 200000 10-year 12 bonds

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On March 1, Dennis Company purchased $200,000, 10-year, 12% bonds for 98 plus accrued interest (revenue approach) and brokerage fees and classified them as held-to-maturity securities. Interest is paid semiannually on January 1 and July 1. Brokerage fees for this transaction were $700.

Journalize the purchase on March 1 (including accrued interest), the receipt of interest on July 1 (including straight-line amortization), and the adjusting entry for accrued interest and amortization on Dec 31.

Reference no: EM13599608

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