Question
Bank purchases a loan participation from Across Town Bank. Due to concerns the bank has about the collateral of the loan, they agreed to
Bank purchases a loan participation from Across Town Bank. Due to concerns the bank has about the collateral of the loan, they agreed to purchase $250,000 of the loan for $225,000. What is the journal entry to record this purchase?
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Corporate Financial Accounting
Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac
14th edition
130565353X, 978-1305887510, 1305887514, 978-1305653535
