Question
On 9/30 ROI on cash is low, so buy 10% of a 4-year, 7%, $6m PA State new bond issue with a 5% market rate
On 9/30 ROI on cash is low, so buy 10% of a 4-year, 7%, $6m PA State new bond issue with a 5% market rate expecting to sell it in 2025 & 20k Pi CS shares at $20 MV (par $3) from Pi's shareholders with 80k CS shares outstanding before this purchase.
Required
What is the journal entry?
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Financial and Managerial Accounting
Authors: Horngren, Harrison, Oliver
3rd Edition
978-0132497992, 132913771, 132497972, 132497999, 9780132913775, 978-0132497978
