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Record all necessary journal entries

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Problem - Patton Company purchased P600,000 of 10% bonds of Scott Co. on January 1, 2013, paying P564,150. The bonds mature January 1, 2023; interest is payable each July 1 and January 1. Patton Company uses the effective-interest method and plans to hold these bonds to maturity. Record all necessary journal entries.

Reference no: EM132975709

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