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Prepare pronghorn journal entries for purchase of investment

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Question - Pronghorn Corporation purchased, as a held-to-maturity investment, $55,000 of the 8%, 4-year bonds of Harrison, Inc. for $58,861, which provides a 6% return. The bonds pay interest semiannually.

Prepare Pronghorn'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: EM131706071

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