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Exercise 16-2 Jenek Corporation had the following transactions pertaining to debt investments. 1. Purchased 25 9%, $1,700 Leeds Co. bonds for $42,500 cash. Interest is
Exercise 16-2 Jenek Corporation had the following transactions pertaining to debt investments. 1. Purchased 25 9%, $1,700 Leeds Co. bonds for $42,500 cash. Interest is payable annually on January 1, 2017. 2. Accrued interest on Leeds Co. bonds on December 31, 2017. 3. Received interest on Leeds Co. bonds on January 1, 2018. 4. Sold 15 Leeds Co. bonds for $28,900 on January 1, 2018.
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