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Prepare the journal entry to record the interest received

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On January 1, 2020, Kenn Corp. purchased at par 10% bonds having a maturity value of $300,000. They are dated January 1, 2020, and mature on January 1, 2025, with interest receivable on December 31 of each year. The bonds are accounted for using the amortized cost model.

Instructions

Problem a. Prepare the journal entry to record the bond purchase.

Problem b. Prepare the journal entry to record the interest received for 2020.

Problem c. Prepare the journal entry to record the interest received for 2021.

Problem d. Prepare the journal entry to record the redemption of the bond at maturity.

Reference no: EM132970455

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