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Case: On January 1, Jules Company purchased for cash, $175,000 bonds ( 35, $5,000 bonds) of Android Corporation at a market rate of 6%. The bonds pay 6.5% interest, payable on a semiannual basis each June 30 and December 31, and mature on December 31 in five years. The bonds are classified as available-for-sale securities. The annual reporting period of Jules Company ends December 31. Assume the effective interest method of amortization of any discounts or premiums.
b. Record the entry for the purchase of the bonds by Jules Company on January 1. c. Record the entry for the receipt of interest on June 30. d. Record the entry for the receipt of interest on December 31. e. Record the adjusting entry on December 31 to adjust the debt investment to fair value. The fair value of the bonds on December 31 was $171,500.
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