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Record the journal entries required on july

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Reference no: EM132600164

On July 1, 2021, Splish Brothers Inc., a public company, purchased $420,000 of Marigold Corp. 10-year, 6% bonds for $390,154 to earn interest. The bonds had a market interest rate of 7%. The bonds pay interest semi-annually on January 1 and July 1. Splish Brothers Inc. has a December 31 year end. At December 31, 2021, the bonds are trading at 96.

Question 1: Assuming Splish Brothers Inc. purchased the bonds from Marigold Corp., record the journal entries required on July 1 for Splish Brothers Inc., and Marigold Corp.

Reference no: EM132600164

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