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Problem - Bonds Purchases

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Problem - Bonds Purchases

Cisco Computing invested in $100,000 face amount of 10-year bonds issued by Horton Micro Chip Company on January 1, 20X1. The bonds were purchased at 103, and bear interest at a stated rate of 8% per annum, payable semiannually. The preimum will be amorized on a straight line basis.

(a) Prepare the journal entry to record the initial investment on January, 20X1.

(b) Prepare the journal entry that Devol would record on each interest date.

Reference no: EM132486972

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