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Because of its good cash position and current bond prices, The Purple Company repurchased and retired $20,000 par value of the 10 percent bonds that

Because of its good cash position and current bond prices, The Purple Company repurchased and retired $20,000 par value of the 10 percent bonds that it has outstanding. The repurchase price was 98, plus accrued interest. Record the entry to accrue interest since the last interest payment

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