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On January 1 , 2 0 2 4 , Morrison Inc., a public company, purchased $ 6 0 0 , 0 0 0 of Pearl
On January Morrison Inc., a public company, purchased $ of Pearl Corporations fiveyear, bonds for $ when the market interest rate was Interest is received semiannually on July and January Morrisons year end is December Morrison intends to hold Pearls bonds until January the date the bonds mature. The bonds fair value on December was $
Instructions
Record the purchase of the bonds on January
Prepare the entry to record the receipt of interest on July
Prepare the adjusting entry required at December
Show the financial presentation of the bonds for Morrison on December
Prepare the entry to record the receipt of interest on January
Prepare the entry to record the receipt on maturity of the bonds on January Assume the entry to record the last interest payment has been recorded.
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