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Record the entry for the purchase of the bond

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Scotiabank purchases a $100,000 bond investment on July 2, 2020 in the Government of Japan for 85 and pays cash for the bond. The bond pays cash interest at 10% on June 1 and December 1 of each year. The bond will mature on June 1, 2027 and is outstanding for 14 interest periods. Mitsubishi's year end is December 31, 2020 and they amortize the discount using the straight-line method.

Problem 1: Record the entry for the purchase of the bond, the December 1 interest payment and amortization, as well as any year-end entries required.

Reference no: EM132761620

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