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Record journal entries up to first interest payment date

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Question - Record Journal Entries up to first interest payment date only.

I. On November 1, 2012, Horton Co. purchased Lopez, Inc., 5-year, 9%, bonds with a face value of P5, 000,000. The bonds mature on July 1, 2016. The bonds are valued at 12% on issuance date.

II. Use all information from the problems above. Record the necessary entry/entries on derecognition/reclassification of the investment in bonds.

Horton co. sold all the bonds @101 on November 1, 2015.

Reference no: EM133006015

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