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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 journal entry to record the proceeds will be: Multiple Choice Debit Cash $340,000, credit Interest Receivable $340,000. Debit Cash $340,000; credit Long-Term Investments-HTM $340,000. Debit Long-Term Investments-HTM $340,000; credit Cash $340,000. Debit Cash $340,000; credit Bonds Payable $340,000. Debit Cash $340,000; credit Interest Revenue $340,000
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