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On September 1, Swifty Ltd. purchased $79,300 of five-year, 7% bonds for $64,709, resulting in an effective (yield) rate of 12%. The bonds pay interest each March 1 and September 1. Swifty Ltd. applies ASPE, accounts for the investment under the amortized cost approach using the effective interest accounting policy, and has a December 31 year end. The following March 1, after receiving the semi-annual interest on the bonds, Swifty sells the bonds for $67,369.
Problem 1: Prepare Swifty's journal entry for any adjusting entry needed at December 31. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Round answers to 0 decimal places, e.g. 5,275.)
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