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Jenek Corporation had the following transactions pertaining to debt investments. Jan. 1 Purchased 60 8%, $1,200 Leeds Co. bonds for $72,000 cash. Interest is payable
Jenek Corporation had the following transactions pertaining to debt investments.
| Jan. 1 | Purchased 60 8%, $1,200 Leeds Co. bonds for $72,000 cash. Interest is payable semiannually on July 1 and January 1. | |
| July 1 | Received semiannual interest on Leeds Co. bonds. | |
| July 1 | Sold 36 Leeds Co. bonds for $48,960. |
Prepare the adjusting entry for the accrual of interest at December 31.
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1st Edition
6202523689, 978-6202523684
