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Instructions Gillooly Co. purchased $108,000 of 8%, 20-year Lumpkin County bonds on May 11, Year 1, directly from the county, at their face amount

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Instructions Gillooly Co. purchased $108,000 of 8%, 20-year Lumpkin County bonds on May 11, Year 1, directly from the county, at their face amount plus accrued interest. The bonds pay semiannual interest on April 1 and October 1. On October 31, Year 1, Gillooly Co. sold $28,800 of the Lumpkin County bonds at 97 plus $144 accrued interest less a $80 brokerage commission. Required: Journalize the entries to record the following a. The purchase of the bonds on May 11 plus 40 days of accrued interest b. Semiannual interest on October 1.* c. Sale of the bonds on October 31. d. Adjusting entry for accrued interest on December 31 Year 1." eThe receipt of the face value of the remaining bonds at their maturity on April 1. Year 20 Refer to the chart of accounts for the exact wording of the account titles CNOW journals do not use lines for joumal explanations. Every line on a journal page is used for debit or credit entries CNOW journals will automatically indent a credit entry when a credit amount is entered. Assume a 360-day year Do not round your intermediate calculations and round final answers to the nearest dollar.

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