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Prepare the adjusting entry for the accrual of interest

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(a) Journalize the transactions, and (b) prepare the adjusting entry for the accrual of interest on December 31.

Jan. 1 Purchase 40, $1,000 Carlos Company 8% bonds for $40,000. Interest is payable semiannually on July 1 and January 1.

July 1 Received semiannual interest on Carlos Company bonds.

July 1 Sold 20 Carlos Company bonds for $19,600.

Reference no: EM132765045

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