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Instructions On September 1, 2020, WV, Inc., bought $60,000 of MD Printer's 20-year, 6% bonds dated January 1. 2019, for $56,920 plus accrued interest.
Instructions On September 1, 2020, WV, Inc., bought $60,000 of MD Printer's 20-year, 6% bonds dated January 1. 2019, for $56,920 plus accrued interest. The bonds pay interest annually and are classified as held-to-maturity. On September 1, 2030, WV sold one-fourth of these bonds for $15,000 plus accrued interest. No entries relating to the bonds had been made since December 31, 2029. Straight-line amortization was used. Required: Record the sale of these bonds.
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