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Landmark Corp. buys $340,000 of Schroeter Company's 8%, 5-year bonds payable, at par value on September 1. Interest payments are made semiannually. Landmark plans to
Landmark Corp. buys $340,000 of Schroeter Company's 8%, 5-year bonds payable, at par value on September 1. Interest payments are made semiannually. Landmark plans to hold the bonds for the 5-year life. When the bonds mature, the oumal entry to record the proceeds will be Muitale Choice Debit Long Term Investments-HTM 5340.000, credit Cesh 5340.000 Debit Cash 5320.00c, crevit Interest Revenue $310,000 Debil. Cash 5320.000, crevil Borlds Payable $310.000 Debit Cash 5340.000 credit Deblinwestments-HTM $340,000 Debit Cash S340,000: croat Interest Receivable $340,000
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