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13. Classical City holds $40,000 worth of 7% bonds (par value) as debt investments. The journal entry to record receipt of the semi- annual interest

13. Classical City holds $40,000 worth of 7% bonds (par value) as debt investments. The journal entry to record receipt of the semi- annual interest payment includes a debit to Cash for $2,800 and a credit to Interest Income for $2,800. True FALSE

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