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can someone please assist me on this please? Skysong Corporation purchased on January 1,2025 , as a held-to-maturity investment, $45,000 of the 10%,4-year bonds of
can someone please assist me on this please?
Skysong Corporation purchased on January 1,2025 , as a held-to-maturity investment, $45,000 of the 10%,4-year bonds of Harrison, Inc. for $48,030, which provides a 8% return. The bonds pay interest semiannually. Prepare Skysong's journal entries for (a) the purchase of the investment, and (b) the receipt of semiannual interest and premium amortization. Assume effective-interest amortization is used. (List all debit entries before credit entries. Credit account tities are outomatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the occount titles and enter 0 for the amounts. Round answers to 0 decimal places, es. 5,125. Skysong Corporation purchased on January 1, 2025, as a held-to-maturity investment, $45,000 of the 10%,4-year bonds of Harrison, Inc. for $48,030, which provides a 8% return. The bonds pay interest semiannually. Prepare Skysong's journal entries for (a) the purchase of the investment, and (b) the receipt of semiannual interest and premium amortization. Assume effective-interest amortization is used. (Lst all debit entries before credit entries. Credit occount titles are outomatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the occount titles and enter 0 for the amounts. Round answers to 0 decimal places, es. 5,125.) Step by Step Solution
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