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E6.4. Favor Hospital invested $60,000 in 8 percent government bonds on August 1, 20X1. These bonds, which were purchased at face value, pay interest annually
E6.4. Favor Hospital invested $60,000 in 8 percent government bonds on August 1, 20X1. These bonds, which were purchased at face value, pay interest annually on August 1, commencing August 1, 20X2. Required: Assuming that adjustments are made annually on December 31 only, prepare the necessary adjusting entry for accrued interest as of December 31, 20X1
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