Question
Need Help With a HW question INITIAL INVESTMENT Purchased $200,000 of Graham Corporation debt for $200,000.This investment was generally considered to be long-term with no
Need Help With a HW question
INITIAL INVESTMENT
Purchased $200,000 of Graham Corporation debt for $200,000.This investment was generally considered to be long-term with no particular plans for near-term trading, although it is unlikely Bitnec will hold the investment until maturity.
DIVIDENDS/INTEREST
Graham Corporation paid interest on outstanding debt, including $10,000 to Bitnec.
NET INCOME
Graham Corporation reported net income of $7,000,000 for the year.
YEAR END VALUES
Prepare journal entry to account for the initial investment, interest and year-end debt value for the investment in Graham Corporation securities.
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