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Problem - Purchase, Premium Amortization, and Sale of Bond Investment Glover Corporation purchased bonds with a face value of $300,000 for $307,493.34 on January 1, 2019. The bonds carry a face rate of interest of 12%, pay interest semiannually on June 30 and December 31, were purchased to be held to maturity, are due December 31, 2021, and were purchased to yield 11%. On January 1, 2020, in contemplation of a major acquisition, the bonds were sold for $300,000. Glover uses the effective interest method.
Required -
Prepare journal entries to record the purchase of the bonds, the first two interest receipts, and the sale of the bonds.
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