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Question: The Bradford Company issued 10% bonds, dated January 1, with a face amount of $70 million on January 1, 2024 to Saxton-Bose Corporation.
The bonds mature on December 31, 2033 (10 years).For bonds of similar risk and maturity, the market yield is 12%Interest is paid semiannually on June 30 and December 31.Required:
1. to 3. Prepare the journal entries to record the purchase of the bonds by Saxton-Bose on January 1, 2024, interest revenue on June 30, 2024 and interest revenue on December 31, 2024 (at the effective rate).
Note: Enter your answers in whole dollars. If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Use tables, Excel, or a financial calculator.
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