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Prepare the required journal entries on june

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Question - Culver Corp. purchased $318,000 of five-year, 7% Hydrocor bonds at 99 on June 30, 2021. Culver Corp. purchased the bonds to earn interest. Interest is paid semi-annually each June 30 and December 31. The semi-annual amortization amount for the first interest period is $270 determined using the effective-interest method. At December 31, 2021, the bonds were trading at 98. Prepare the required journal entries on June 30 and December 31, 2021.

Reference no: EM133096701

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