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Company X paid $37,000 plus a broker's fee of $525 to acquire 8% of Company Y bonds with a $40,000 maturity value. Company X intends
Company X paid $37,000 plus a broker's fee of $525 to acquire 8% of Company Y bonds with a $40,000 maturity value. Company X intends to hold the bonds to maturity. The journal entry to record acquisition of the bonds includes a debit to Long-Term Investment in Company Y Bonds for $37,800 $37,525 $38,325 $40,000
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