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Prepare Pina journal entries for purchase of the investment

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Reference no: EM132448034

Question - Pina Company purchased, on January 1, 2017, as a held-to-maturity investment, $79,000 of the 9%, 5-year bonds of Chester Corporation for $73,161, which provides an 11% return.

Prepare Pina's journal entries for (a) the purchase of the investment, and (b) the receipt of annual interest and discount amortization. Assume effective-interest amortization is used.

Reference no: EM132448034

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